Australian shares have surged following US President Donald Trump's shift on tariffs. -AAP Image
The Australian share market has had its best day in five years after a Trump tariff backflip helped return more than $119 billion to its top-500 stocks.
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As markets closed, the S&P/ASX200 had surged 342.4 points, or 4.64 per cent, to 7717.4, while the broader All Ordinaries was up 359.4 points, or 4.75 per cent, to 7921.1.
The rally came after US President Donald Trump called a 90-day pause for his latest round of tariffs to make room for negotiations, leaving Beijing out in the cold as the US-China trade war escalated with fresh duties from both sides.
All local sectors traded higher on Thursday, with IT stocks up 7.8 per cent as materials, financials and energy stocks also bounced strongly to each reclaim between 4.5 and 6.4 per cent.
The Australian dollar has clawed back ground from the greenback to buy 61.99 US cents, up from 59.97 on Wednesday at 5pm.
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