FITCH: Tariff escalation highlights risks to Canada; limited short-term impact.

Mexico plans to cut fiscal support for Pemex's debt payments to 81.1 billion pesos (~$4.8bn) in 2027, nearly a 70% reduction from this year’s 263.5 billion pesos. Last year Mexico included a $14bn capital injection for Pemex in the 2026 budget to repay debt and completed a $10bn buyback to retire debt maturing this year. Pemex's latest financials show about $5bn of debt maturing in 2027. While the injections eased near-term funding pressure, support measures mask structural problems at the company, including bloated staffing and declining output from aging fields.

Chile's central bank said it will take necessary measures to ensure expected inflation reaches 3% within two years.