04:37 PM EDT, 04/02/2025 (MT Newswires) -- The Toronto Stock Exchange rose for a third-straight session Wednesday as Canadian investors continue to adopt an 'elbows up' approach to dealing with the threat of looming tariffs from U.S. President Donald Trump's administration being announced today.

Today, the resources heavy index was buoyed by elevated commodity prices in rising 273.9 points at 25,307.18. Among sectors, Information Technology and Industrials were the biggest gainers, up 2.49% and 1.53% respectively. Telecoms, down 1.57% was the biggest decliner.

President Trump is, in the minutes after the close of equity trading across North America today, detailing fresh, widespread tariffs against countries around the globe, including Canada, in an escalation of his trade wars. He imposed a 25% tariff on foreign-made autos, and complained about high tariffs on dairy imports into Canada.

Trump is imposing a 10% blanket tariff on imports, while he criticized the North American Free Trade Agreement (NAFTA) and said reciprocal will take effect on Thursday, including 20% tariffs on imports from the European Union. Trump is also imposing 32% tariffs on Chinese goods, 46% on Vietnam among other levies. Details of any fresh taxes on Canadian imports were not immediately available.

Here, Canadian Prime Minister Mark Carney paused his federal election campaign to participate in behind closed door meetings with his Canada-U.S. Relations Council and cabinet and prepare a response, and retaliation. Canada has already outlined plans to hit back with tariffs to the total value of about C$155 billion on U.S. goods.

Of commodities, gold traded at another record high mid-afternoon on Wednesday as the dollar fell ahead of the implementation of fresh U.S. tariffs that threaten to slow the country's economy, boosting safe-haven demand. Gold for June delivery was last seen up $22.20 to US$3,168.20 per ounce, topping Monday's previous record high of US$3,150.30.

Also, West Texas Intermediate crude oil closed with a gain despite a report showing a sharp rise in U.S. inventories rose last week as the market's attention turns to fresh tariffs coming from President Trump. WTI oil for May delivery closed up $0.51 to settle at US$71.71 per barrel, while June Brent crude was last seen up $0.50 to US$74.99.