Mexico will not enter a tariff tit-for-tat with US, Sheinbaum says

Mexican President Claudia Sheinbaum said on Wednesday that Mexico doesn't plan to impose tit-for-tat tariffs on the United States, ahead of President Donald Trump's planned announcement to impose new tariffs.

Trump proclaimed "Liberation Day" in the United States on Wednesday as he prepared to impose sweeping new tariffs that would escalate a trade war with global partners, including top trading allies Mexico and Canada, and prompt an increase in prices and upend a decades-old trade order.

Sheinbaum said at her daily morning press conference that Mexico will on Thursday "announce a comprehensive program, not a tit-for-tat on tariffs."

"Let's see what announcement they make, but we have a plan to strengthen the economy under any circumstance," Sheinbaum added.

Trump's tariff announcement is scheduled for 4 p.m. Eastern Time (2000 GMT).