At noon AEDT on Wednesday the benchmark S&P/ASX200 index was up 49.1 points, or 0.58 per cent, to 8,451.5, while the broader All Ordinaries was up 49.5 points, or 0.57 per cent, to 8,701.9.
Stocks, crypto assets and gold were on "cloud nine" after Trump's first day in office, Moomoo market strategist Jessica Amir said.
Trump told reporters overnight that his team was discussing 10 per cent tariffs on China, far lower than the 60 per cent levies he had threatened to impose while on the campaign trail.
He also unveiled a $US500 billion AI joint venture between OpenAI, Oracle and SoftBank dubbed "Stargate".
On Wall Street, Netflix shares had soared by 14.4 per cent after the streaming giant blew out expectations by adding 18.9 million paid subscribers in the fourth quarter, the most in its history.
At midday eight of the ASX's 11 sectors were higher, with energy and materials lower and telecommunications basically flat.
Tech was the biggest gainer, rising 1.4 per cent as Technology One climbed 2.0 per cent and Life360 grew 4.2 per cent.
Paladin was the biggest gainer in the ASX200, rising 9.4 per cent to $9.13 after the uranium developer said production at its Langer Heinrich mine in Namibia was on track to meet revised production guidance.
On the flip side, Iluka was the biggest loser, slipping 8.9 per cent to $4.845 as the mineral sands miner said it would cut around 130 roles across its operations and support functions.
Elsewhere in the mining sector, BHP was down 1.4 per cent, Fortescue had slipped 0.7 per cent and Rio Tinto had dipped 0.3 per cent.
Evolution was up 1.9 per cent and Westgold had added 0.9 per cent as gold changed hands at $US2,747 an ounce, its highest level since late October.
In the financial sector, all of the big four banks were higher, with CBA up 1.0 per cent, NAB adding 0.8 per cent, Westpac climbing 0.7 per cent and ANZ growing 0.3 per cent.
The Australian dollar was near a fresh two-week high, buying 62.66 US cents, from 62.42 US cents at close of business on Tuesday.
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