OTTAWA/MEXICO CITY - Canadian Prime Minister Mark Carney on Tuesday spoke with the President of Mexico Claudia Sheinbaum about the trading and investment relationship between the two countries.

According to an information release issued by the prime minister's office, the leaders emphasized the importance of safeguarding North American competitiveness while respecting the sovereignty of each nation.

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Carney highlighted his plan to fight unjustified trade actions against Canada, protect Canadian workers and businesses, and build Canada's economy, including through increased trade between Canada and Mexico.

US President Donald Trump is expected to unveil the full scope of his protectionist trade policy on Wednesday, which he is calling "Liberation Day".

Carney previously told Trump that the Canadian government will implement retaliatory tariffs to protect Canadian workers and its economy, following the announcement of additional US trade actions.

Sheinbaum also said on Tuesday that Mexico is prepared to respond to the tariffs on Mexican products that the US government plans to announce on April 2.

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"Let them know that we are prepared. We meet two or three times a week with the team (of government and business experts) to strengthen the various measures," Sheinbaum said at her usual morning press conference at the National Palace in Mexico City.

"What we want is to protect the people of Mexico and jobs," the president said, adding however that retaliating with similar measures is not the solution to the tariffs on steel, aluminum and automobiles that her US counterpart, Donald Trump, has threatened to impose.

She noted that the United States is slapping tariffs on goods from countries around the world, not just Mexico.

"It's not about a conflict with the United States, but rather about the strengthening of our economy," Sheinbaum said, stressing that her administration's strategy is to wait and see "exactly" what measures the United States government takes on Wednesday.

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"Our economy is highly integrated with the United States economy," she said, reiterating that "we must wait" because "there is still dialogue".

"We are prepared," she said, adding that the idea is to continue ongoing talks with the northern neighbor, which forms part of the United States-Mexico-Canada Agreement (USMCA) on free trade.

The government is also talking with Mexican business leaders with the goal of protecting the country's people and jobs, she said.