04:19 PM EDT, 04/01/2025 (MT Newswires) -- For Toronto Stock Exchange on Tuesday rose for a second day, closing higher as Canadian investors and political leaders steel themselves on the eve of U.S. President Donald Trump's planned unveiling of his latest tariff plans Wednesday, which he is calling 'Liberation Day".

The S&P/TSX Composite Index closed up 115.78 points to 25,033.28. Among sectors, Information Technology and Utilities, up 0.83% and 0.78%, respectively, were the biggest gainers. Telecoms, down 1.64%, the biggest decliner.

Late afternoon Tuesday the leaders of Canada and Mexico spoke, agreeing to maintain strong trade ties and safeguard North American competitiveness ahead of Trump's major tariff announcement. According to a readout released by Prime Minister Mark Carney's office, he and Mexican President Claudia Sheinbaum had a "productive call," agreeing on maintaining investment ties between the two countries.

Carney has repeatedly said that Canada will impose retaliatory tariffs on U.S. imports based on what Trump details in a so-called 'Liberation Day' announcement. Trump, for his part, has repeatedly threatened to slap 25% tariffs on imports from both Canada and Mexico.

Still,, data points show the tariffs have cast a cloud over the market. Bloomberg News reported volatility from trade tensions with the United States kept a lid on Canada's market for equity deals in the first quarter, even as activity in the precious-metals sector perked up. Canada-listed firms raised just US$2 billion in the first quarter, compared to the US$2.9 billion raised during the same period a year ago, data compiled by Bloomberg show. It cited investment bankers saying market gyrations wrought by the U.S.-Canada trade war have made deal making difficult.

Trump's helter-skelter imposition of tariffs on U.S. imports, is not only affecting the economies of its trading partners. The Federal Reserve Bank of Atlanta's updating forecast for U.S. economic growth now sees the country's GDP falling by 3.7% in the first quarter, down from a drop on 2.8% on Friday.

Of commodities, West Texas Intermediate crude oil closed with a small loss on Tuesday, falling off a six-week high set after President Trump threatened secondary tariffs on imports from countries that buy Russian oil and also ahead of the president's planned and so-called 'Liberation Day' announcement around fresh levies on countries and products. WTI crude oil for May delivery closed down $0.28 to settle at US$71.20 per barrel, while June Brent crude was down $0.30 to US$74.47.

Also, gold edged up to another a record high late afternoon on Tuesday, falling for the first time in four sessions even as safe-haven buying continues amid U.S. tariff threats that are upsetting financial markets. Gold for June delivery was last seen down US$0.30 to US$3,150.60 per ounce, rising off Monday's record close.