Investing.com - Canada’s main stock exchange rose on Wednesday, as investors awaited a crucial announcement of a fresh batch of tariffs from U.S. President Donald Trump.

By the 4:00 ET close, the S&P/TSX 60 index had increased by 17 points, or 1.1%.

The Toronto Stock Exchange ’s S&P/TSX composite index rose by 274 points, or 1.1%, after rising 0.5% in the prior session, extending gains logged on Monday.

After market close, U.S. President Donald Trump announced the United States will impose reciprocal tariffs of at least 10% on all imported goods, with higher reciprocal rates for some nations that will be equivalent to "half" of the rate they levy on U.S. exports. Canada and Mexico were not included on the reciprocal tariff list.

Trump also confirmed that the previously planned 25% tariffs on imported automobiles and auto parts would go into affect at midnight.

As well as the tariffs on imported autos, the Trump administration has also implemented a 25% tariff on goods from Mexico and Canada, as well as a 25% tariff on steel and aluminum.

With Trump’s tariff announcement looming large, the office of Canada’s Prime Minister Mark Carney said he had spoken with Mexican President Claudia Sheinbaum about Ottawa’s plan to respond to the "unjustified" U.S. levies. Canada and Mexico are some of the U.S.’s largest traditional trading partners.

Ontario Premier Doug Ford spoke on CNBC, advocating for the exclusion of Mexico in the USMCA trade pact, and stating that Canada will call off all tariffs if the U.S. does so. He was critical of Trump’s "Liberation Day," calling it "Termination Day," citing the potential loss of jobs and fall of the market if further tariffs are implemented.

U.S. stocks gain

U.S. stock indexes showed gains on Wednesday, as investors weighed the expected rollout of Trump’s trade tariffs.

By the 4:00 ET close, the Dow Jones Industrial Average reaped 235.4 points points, or 0.6%, and the S&P 500 rose by 37.8 points, or 0.7%. The Nasdaq Composite gained the most, finishing up 151.2 points or 0.9%.

During Tuesday’s session, the benchmark S&P 500 gained 0.4%, the tech-heavy Nasdaq rose 0.9%, and the blue-chip Dow closed marginally lower, with investors wary of getting involved ahead of Wednesday’s announcement.

As previously mentioned, U.S. President Donald Trump announced the imposition of reciprocal tariffs of at least 10% on all imported goods, with higher reciprocal rates for some nations that will be equivalent to "half" of the rate they levy on U.S. exports.

"I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world," declared Trump. "Reciprocal... that means they do it to us, and we do and to them."

The 10% baseline tariff will go into affect on Apr. 5, while the higher tariffs will begin on Apr. 9.

Uncertainty over the specific scope of the tariffs and potential retaliatory measures from affected nations has continually plagued investors, keeping them on edge.

Oil volatile

Elsewhere, oil prices moved up solidly before falling in the evening, with traders anticipating Trump’s tariff announcement later in the day.

Markets were also awaiting a meeting of the Organization of the Petroleum Exporting Countries and its allies -- known as OPEC+ -- later this week, where the oil group is reportedly considering plans to further increase production.

Crude was down 0.7% to $70.72 per barrel, while Brent Oil Futures were down 0.3% to $73.47 as of 5:25 ET.

Crude prices notched some gains over the past week after Trump threatened Russia with more oil sanctions and military action against Iran over a nuclear deal.

Traders attached a greater risk premium to oil, while also betting that supplies could be disrupted from Trump’s actions.

But bigger increases in crude were limited by concerns that Trump’s policies could disrupt global growth and hit crude demand.

Gold continues ascent

Gold prices inched down on Wednesday, before hitting yet another all-time high of $3,201.15/oz. Prices hit an all-time high in the previous session as well, bolstered by ongoing safe-haven demand with investors still awaiting specific details on Trump’s tariffs.

As of 5:25 ET, Gold Futures were up 1.4% to $3,190.00/oz. XAU/USD also rose, albeit less so, gaining 0.3% to $3,133.03/oz.

The yellow metal had hit consecutive fresh peaks in the last four sessions, but traders were cautious on the day of Trump tariffs, leading to increased volatility on Wednesday.

(Scott Kanowsky also contributed to this article)