Amazon rival Mercado Libre to invest $3.4 billion in Mexico

Mercado Libre, a Latin American rival of Amazon, announced Friday a $3.4 billion investment in Mexico, the latest in a series of pledges by foreign firms in spite of US tariff threats.

"It means that despite these tariff issues, they're going to continue their investment in Mexico," Economy Minister said after the Argentine company announced its plan at President Claudia Sheinbaum's morning news conference. The group's country manager said it was "the largest annual investment in the history of Mercado Libre in Mexico."

He said that more than 10,000 new workers would join the company in the North American country this year. The announcement came a day after US President Donald Trump agreed to suspend tariffs on most Mexican goods until April 2 after a call with Sheinbaum.