12:12 PM EST, 02/04/2025 (MT Newswires) -- The Toronto Stock Exchange is up 120 points with energy (+1.7%) and miners (+2.5%) the biggest gainers.

Financials and utilities, down 0.5% and 0.4%, are the sole decliners.

The Toronto Stock Exchange is higher today after U.S. President Donald Trump agreed to a 30-day pause on tariffs on Canadian imports into the U.S.

However, oil prices weakened early on Tuesday as China retaliated for a 10% tariff imposed on its imports into the United States. Natural gas eased also as mild southern temperatures cut heating demand, but with long-term forecasts seeing colder weather on the way, the price decline could be short-lived.

Gold prices rose, trading at a second-straight daily record high on safe-haven buying.

BMO's Brian Belski published a 'Canadian Strategy Snapshot' with suggestions on how market watchers can mitigate the "chaos" around tariff wars, with "calm, process, and discipline".

"From our perspective," Belski said, "the largest investment risk is forecasting duration of this impasse. Let's be clear, tariffs could be gone in days or prevalent for months, if not years. Fear of the unknown typically generates chaos (in other words, volatility) -- reactions that could likely bring opportunity in our view. As such, we are not adjusting our 2025 price or earnings targets for the TSX Index. After all, our process is fraught with discipline, patience, and faith in fundamentals.

"In addition, we are sticking with our overweighted sectors -- Discretionary, Financials, REITs, and Technology. Why? The Canadian stock market is a market of stocks. We believe there are companies within Canada that can, will and should outperform the broader market over this malaise, period. Cue the broken record, "control what you can control." How? Now is not the time for grandiosity and home runs. Now is the time to roll up your sleeves, find the most consistent earners, with the best product or services, with proven management teams that deliver fundamental results. Time for quality, cash, dividends, and real companies. "

In an overview, Belski cited statistics to consider while coping with the tariffs "chaos", and they include: the 26 largest one day price declines in TSX history resulted in a +24.5% average price recovery the following 12-months; performance of the TSX following significant troughs in the Canadian dollar; note recessions are obviously not good for stocks -- "but it is about timing"; and the top 15 Canadian companies with highest percentage of U.S. revenue are "NOT Trade Impacted"