MEXICO CITY — MEXICO CITY (AP) — Carlos Slim, Mexico’s richest man and one of many world’s wealthiest, addressed a spread of subjects at his annual convention on Monday. Regardless of his in depth holdings in sectors starting from communications and development to an iconic Mexican restaurant and retail chain, a lot of the questioning centered — maybe unsurprisingly — on U.S. President Donald Trump.
Listed below are some highlights of Slim’s handle on the headquarters of one in all his corporations in Mexico Metropolis.
“There’s rather a lot to do. He solely has 4 years,” Slim mentioned about Trump’s second time period.
Slim met Trump throughout his first time period whereas negotiating the free commerce settlement, describing him then as a “negotiator, not a terminator.” Now, weeks into Trump’s second time period, Slim solely commented that the scenario Trump faces is sophisticated.
“What the U.S. has to do is regain world management,” he mentioned.
“It will be fascinating if he did a kind of double play, let’s say on one facet cut back the prices of sure issues and on the opposite channel it towards funding.”
Slim mentioned bluntly that tariffs do not work. “They improve inflation … the rate of interest doesn’t go down … tariffs don’t clear up issues.”
He mentioned Trump’s tariff threats are merely a negotiating device.
Slim mentioned the 25% tariffs introduced Monday by Trump on all metal and aluminum merchandise would not have a lot influence on Mexico, as a result of some Mexican metal producers even have U.S. operations.
Furthermore, he mentioned a common tariff on Mexican imports is unlikely, as a result of Mexican President Claudia Sheinbaum and Trump are following by on an settlement that may pause tariffs in alternate for bolstering border safety.
“The USA’ scenario isn’t good … The USA stopped producing issues,” Slim mentioned, noting that it outsourced a whole lot of manufacturing overseas just because it was cheaper.
“The USA has to see what issues it may possibly produce and what it may possibly’t,” he mentioned, citing the semiconductor trade’s resurgence as a primary instance of the necessity for home manufacturing.
Trump has proposed decreasing company taxes as a method of attracting companies again to the US, however Slim disagrees, arguing that this tactic alone is not going to suffice.
“It’s a must to communicate with them and remind them that their nation is the US and encourage them to carry their abroad operations dwelling,” Slim mentioned.
He rejected the concept that the world’s largest fortunes must be taxed, as some suggest, as a result of then these fortunes would go elsewhere. “The trick is that individuals work,” he mentioned. Creating jobs, not simply giving donations.
Slim mentioned he didn’t meet tech billionaire Elon Musk at Trump’s inauguration, however though he agrees with a few of his concepts, he wouldn’t make investments with him as a result of his bets are very dangerous.
Whereas Slim agrees the U.S. wants to chop wasteful spending, he thinks that is one thing that must be performed with care, not shutting down issues in a single swipe like “when he decreased 80% of Twitter employees.”
Slim mentioned he advocates for extra safety presence on the border from each the US and Mexico.
“Double the guard right here in order that nothing will get out, and there in order that nothing is available in.” Over within the U.S., he mentioned, they preserve the medication and the cash and right here, the weapons and the violence.
____
Comply with AP’s protection of Latin America and the Caribbean at https://apnews.com/hub/latin-america