Treasurer Jim Chalmers has praised Canadian Prime Minister Mark Carney’s savage take-down of Donald Trump, revealing the “stunning” speech has been widely discussed within government.

Mr Carney warned the rules based order was “in the midst of a rupture, not a transition” in an impassioned speech before the Davos Economic Forum, and urged for co-operation between middle powers such as Australia.

“Great powers can afford to go it alone … middle powers do not,” he said.

“But, when we only negotiate bilaterally with a hegemon,

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