What are the Latin American airlines doing due to the slowness of their most biggest market, the U.S. As far as I know only Varig has been quick to react by announcing layoffs and the reduction of 14 aircraft in their fleet, however, these only being narrow-body domestic 737s. Nothing was said about long-range flights to the U.S. being cancelled, only future growth projections being scrapped. In this case, Varig seems not too worried about the international routes but more about the domestic routes. I think this was a wise and good mood for Varig.
Lan Chile has made a few revisions in their schedule, mainly to the flights destined to New York. Lan Chile is well prepared to weather the storm.
Some of the airlines will be relatively unaffected as they already have a limited presence in the U.S. namely the South American carriers. Avianca might be witnessing less passengers on their Newark, JFK flights but I assume that the Miami and LAX routes seem to be operating as usual.
Avensa and the rest of Venezuela carriers have a very limited route network only serving Florida so I don't expect them to hurt too much as they already are hurting under normal circumstances in any case so not much change there.
I expect the Taca group to be quite affected as they run quite a few flights into the North Eastern part of the country and Eastern Canada. But I don't believe that it will affect them too much in the long term as they mainly focus on flying their ex-pats back home on friends/family flights. I don't believe that they'll suffer too much from business travel as they are not really too well known in that area.
And I assume that the Mexican airlines will be the most hard hit by this. In all sectors due to it's proximity to the U.S.. However, they haven't announced any new immediate measures like most of the rest of the industry. However, they could use this as a way to consolidate their presence in the market and become stronger. But I don't believe they want to risk too much looses for an uncertain future.
Pan Am - The World's Most Experienced Airline.