Australian shares rise to pre-Liberation Day levels

The All Ordinaries tanked more than nine per cent in the three sessions after US President Donald Trump levelled tariffs on almost every country on April 2, with almost $270 billion in value wiped from the top-500 stocks.

The move wiped more than $US5 trillion ($A7.8 trillion) from global stock markets in less than a week and prompted economists to slash global growth forecasts.

Indexes in Asia also rallied on Wednesday, with Hong Kong's Hang Seng surging 2.3 per cent, Japan's Nikkei up almost two per cent and South Korea's KOSPI composite gaining 1.5 per cent.

The Australian dollar has also recovered its post-Liberation Day dive to trade at 63.97 US cents, down slightly from Tuesday evening when it was buying 64.36 US cents.