The world is bracing for impact as the so-called Liberation Day arrives Wednesdaythe latest installment of President Trumps tariff announcements since his return to office in January.In a Rose Garden address at 4 p.m. ET, the president is set to unveil a sweeping reciprocal tariff plan, targeting not only Mexico, Canada, and China, but also other countries in a trade surplus with the U.S. or those holding tariffs on American products.It is still unclear what countries and industries will be impacted by todays announcement, as well as the rate of tariffs imposed, and if they will be imposed universally or by country. However, the policy changes are said to go into effect after his speech.While much is still uncertain, here is how many world leaders are reacting ahead of Trumps Liberation Day speech.MexicoPresident Claudia Sheinbaums cool head approach has helped Mexico evade some of Trumps tariffs since he first announced 25% levies on Mexican exports in early February. Sheinbaum said Wednesday in her daily morning briefing that she would announce an integral plan on Thursday. Our interest is to strengthen the Mexican economy, Sheinbaum said. Its not an issue of if you tariff me, I tariff you.CanadaFollowing on-again-off-again tariffs between the U.S. and Canadathe country America long considered its closest allyCanadian Prime Minister Mark Carney warned Trump that Canada will impose retaliatory tariffs on American exports, although no specifics have been revealed yet.ChinaIn early February, Trump imposed a 10% tariff on all Chinese imports, upending a tariff war between the worlds two largest economies. After the U.S. raised tariffs to 20% in early March, China responded with retaliatory tariffs, with 10% and 15% levies on various food and agricultural goods.Ahead of Liberation Day, China held economic dialogue with Japan and South Korea, seeking a coordinated response among the three nations. However, Japanese and South Korean officials said that decision was not taken.EUAhead of the April 2 announcement, European Commission President Ursula von der Leyen said, Europe did not start this confrontation, we do not necessarily want to retaliate, but if it is necessary, we have a strong plan to retaliate and we will use it.In early March, the European Commission responded to Trumps tariffs on aluminum and steel by launching swift and proportionatecountermeasures on U.S. imports into the EU, a statement read. Countermeasures included tariffs on American goods such as bourbon and motorbikes worth up to $28 billion in exports.