LatinNews Daily - 23 February 2026

*Mexico’s Economy Minister Marcelo Ebrard has urged “a cool head” and “prudence” in response to US President Donald Trump’s announcement that he would impose a 15% global tariff after a 20 February US supreme court ruling invalidated part of his comprehensive tariff framework. Ebrard pointed out to reporters that 85% of Mexico’s exports are exempt from tariffs due to the US-Mexico-Canada Agreement (USMCA) which is up for joint review beginning on 1 July, with tariffs currently imposed on exports including vehicles, steel and aluminium. Ebrard said that “we will see what measures will be taken [by Washington] and then work out how it is going to affect our country.” He said that this week he would be going to the US and would be able to clarify more then. The court ruling and Trump’s announcement of the replacement tariff has drawn a response from other countries in the region, not least Brazil, which was facing US tariffs of up to 50% on some exports. Brazil’s Vice President Geraldo Alckmin, who doubles up as minister for development, industry, trade, and services, said that the US court ruling was “important” for Brazil, adding that Trump’s announcement of the replacement tariff wouldn’t “affect Brazil’s competitiveness on trade”. An examination of the impact of Trump’s new 15% global tariff by independent trade monitoring body Global Trade Alert cited by the UK newspaper, Financial Times, found that Brazil would enjoy the biggest reduction in average tariff rates, falling by 13.6 percentage points.

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