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MEXICO CITY — Carlos Slim, who holds the title of Mexico’s wealthiest man and ranks among the richest individuals globally, shared insights on various issues during his annual conference held on Monday. Despite his diverse business interests that span communications, construction, and even a renowned Mexican restaurant chain, a significant portion of the discussion focused on U.S. President Donald Trump.
One notable takeaway from Slim’s comments regarding Trump’s presidency was his assessment of the limited time Trump has to enact changes during his second term. Slim, who had previously met Trump while discussing the free trade agreement, chose to highlight the complexities Trump currently faces. He emphasized the need for the U.S. to restore its status as a leader on the global stage and suggested that it might be beneficial for Trump to explore strategies that could reduce costs while simultaneously encouraging investment.
Addressing the topic of tariffs, Slim expressed a strong stance, stating that they are ineffective. He pointed out that tariffs lead to inflation without resolving underlying issues. According to Slim, Trump’s announced tariffs on steel and aluminum will have minimal consequences for Mexico, as many steel producers in Mexico also operate within the U.S. Additionally, he believes that the likelihood of an overarching tariff on Mexican imports is low due to an agreement between Trump and Mexican President Claudia Sheinbaum aimed at enhancing border security in exchange for tariff relief.
Regarding U.S. manufacturing, Slim articulated concerns over the country’s current state, highlighting that significant outsourcing has negatively impacted domestic production. He mentioned the semiconductor industry’s recovery as an essential area for the U.S. to focus on in order to determine what can be produced domestically versus overseas.
On the subject of corporate taxation, Slim disagreed with Trump’s proposal to reduce corporate taxes as a means to lure businesses back to the U.S. He emphasized the importance of encouraging companies to bring their overseas operations home and remarked that taxing the world’s wealthiest individuals would likely push that wealth to other markets. Slim underscored job creation as a critical goal, arguing that employing individuals is more impactful than merely offering donations.
Slim also shared his views on tech mogul Elon Musk, indicating he has not met Musk but is cautious about investing alongside him due to the perceived risks associated with Musk’s ventures. He acknowledged the necessity for the U.S. to examine its spending practices; however, Slim believes that such cuts should be implemented carefully rather than through abrupt measures, taking into account incidents like the significant staff reductions seen at Twitter.
Finally, concerning border security between the U.S. and Mexico, Slim called for an increased law enforcement presence on both sides. He proposed strengthening security measures to prevent issues such as drug trafficking and violence, suggesting that the U.S. should focus on controlling the flow of drugs and money, while Mexico should work on preventing weapons and violence from crossing its borders.
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