April 8 (Reuters) - Australian shares rose on Tuesday, buoyed by gains in banks and miners, while investors saw relief in Treasurer Jim Chalmers' remarks that resource-rich Australia will be able to manage the direct impact of U.S. President Donald Trump's sweeping tariffs.

The S&P/ASX 200 index .AXJO gained 1.1% to 7,423.40 points by 0035 GMT. The benchmark had finished 4.2% lower on Monday.

"We expect more manageable impacts on the Australian economy, but we still do expect Australian GDP to take a hit and we expect there to be an impact on prices here as well," Chalmers said at a press conference.

The benchmark rebounded from losses on Monday when it fell to levels seen at the start of the pandemic, as major indexes around the world dropped to milestone lows on turbulent trade after Trump showed no sign of easing up on his trade war. MKTS/GLOB

The mining sub-index .AXMM jumped 1.7%, snapping four consecutive sessions of losses. Miners Rio Tinto RIO.AX, BHP Group BHP.AX and Fortescue FMG.AX added between 1% and 1.8%.

Financials .AXFJ snapped three straight sessions of fall to advance 0.8%. The "Big Four" banks gained between 0.6% and 1.3%.

Energy stocks .AXEJ rose 1.8%, tracking oil prices higher after Monday's heavy sell-off. O/R

Oil and gas major Woodside Energy WDS.AX and smaller peer Santos STO.AX added 0.6% and 2.1%, respectively.

Monday's market rout got traders betting that there is a 20% chance that the Reserve Bank of Australia $(RBA)$ would cut interest rates by an outsized 50 basis points in May.

New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 1.1% to 11,902.64 points.

The country expects a modest impact from U.S. tariffs but has put in place the right settings and policies to navigate a period of uncertainties in the global financial markets, Finance Minister Nicola Willis said.

(Reporting by Shivangi Lahiri in Bengaluru; Editing by Sumana Nandy)

((shivangi.lahiri@thomsonreuters.com))

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