04:24 PM EST, 02/26/2025 (MT Newswires) -- The Toronto Stock Exchange rose for a third day on Wednesday amid another pause on threatened U.S. tariffs on Canadian imports as U.S. President Donald Trump again delayed putting a 25% tariff on imports from Canada to April 2 from March 4.

The S&P/TSX Composite Index closed up 124.38 points to 25,328.36. Among sectors today, Information Technology, up 1.23%, and Base Metals, up 0.74%, were the biggest gainers. Biggest declining sectors on the day were Telecoms, down 0.7%, and Energy, down 0.47%.

Bloomberg and other services report Trump is pushing the deadline for the start of the 25% levy on goods from Canada and Mexico to April 2, the second time he has postponed putting the import taxes in place. However some confusion over the date remains as Commerce Secretary Howard Lutnick appeared to suggest the original March 4 date still holds, characterizing them as "fentanyl-related" tariffs

Still the delay may indicate the Trump Administration is uncertain about putting the tariffs in place, given the threat of higher U.S. inflation from the import taxes and the imposition of reciprocal tariffs from Canada and China.

"Trump is losing credibility," Bloomberg reported Marco Oviedo, a Sao Paulo-based strategist at XP Inc. saying. "The market will probably start trading less the tariff story."

Of commodities, West Texas Intermediate crude oil closed lower on Wednesday as the prospect of rising supply offsets a report showing a surprise drop in U.S. inventories last week. WTI crude oil for April delivery closed down $0.31 to settle at US$68.62 per barrel, the lowest since Dec.10, while April Brent crude was down $0.17 to US$72.85.

Gold rose late afternoon as safe-haven demand continues on expectations Trump next week will follow through on promises to launch a trade war against Canada and Mexico, the two largest U.S. trading partners. Gold for April delivery was last seen up $11.90 to US$2,930.70 per ounce, following a day-prior drop of 1.5% after closing at a record US$2,963.20 on Monday.