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Carlos Slim, the wealthiest man in Mexico and one of the richest individuals in the world, addressed several pressing issues at his annual conference in Mexico City on Monday. The billionaire businessman, whose empire spans telecommunications, construction, retail, and restaurants, spoke about economic trends, U.S. politics, and global trade. However, much of the discussion revolved around U.S. President Donald Trump’s second term and its potential impact on Mexico and the world.
Below are the key highlights from Slim’s remarks.
Slim on Trump’s Second Term
Slim shared his perspective on Trump’s presidency, acknowledging the challenges ahead.
“There’s a lot to do. He only has four years,” Slim said, referring to Trump’s second term.
During Trump’s first term, Slim had engaged with him on trade negotiations, describing him as a “negotiator, not a terminator.” However, now, as Trump begins his second term, Slim remarked that the situation is much more complex.
“What the U.S. has to do is regain global leadership,” he stated.
He also suggested that Trump should focus on a balanced approach to economic growth. “It would be interesting if he did a sort of double play, let’s say on one side reduce the costs of certain things and on the other channel it toward investment.”
On Trump’s Tariff Policies
Slim was direct in his criticism of tariffs, arguing that they do not address economic problems effectively.
“They increase inflation … the interest rate doesn’t go down … tariffs don’t solve problems,” he said.
He dismissed Trump’s recently announced 25% tariff on all steel and aluminum products, saying it would have little effect on Mexico since many Mexican steel producers also operate in the U.S.
Moreover, Slim expressed doubt that a general tariff on Mexican imports would be implemented, pointing to an agreement between Trump and Mexican President Claudia Sheinbaum. Under this deal, tariffs would be put on hold in exchange for increased border security measures.
Slim on the State of US Manufacturing
Slim raised concerns about the decline of manufacturing in the United States, attributing it to the country’s past decisions to move production overseas in search of lower costs.
“The United States’ situation isn’t good … The United States stopped producing things,” he said.
He emphasized the need for the U.S. to carefully assess which industries should be brought back, citing the resurgence of semiconductor manufacturing as an example of the importance of domestic production.
“The United States has to see what things it can produce and what it can’t,” he stated.
On Trump’s Corporate Tax Cuts
Trump has proposed reducing corporate taxes to lure businesses back to the U.S., but Slim remains unconvinced that this strategy will be enough.
“You have to speak with them and remind them that their country is the United States and encourage them to bring their overseas operations home,” Slim said.
He also rejected the idea of imposing higher taxes on the wealthiest individuals, as some have suggested.
“The trick is that people work,” he said, stressing the importance of job creation over financial redistribution. He believes that instead of simply donating money, businesses should focus on generating employment opportunities.
Slim on Elon Musk and Risky Investments
Despite his admiration for some of Elon Musk’s ideas, Slim made it clear that he would not invest alongside the tech billionaire due to the high-risk nature of Musk’s ventures.
Slim also commented on Musk’s drastic cost-cutting measures, such as his decision to reduce Twitter’s staff by 80% after acquiring the platform.
While Slim agrees that wasteful spending should be reduced, he cautioned against extreme measures. “This is something that should be done with care, not shutting down things in one swipe like when he reduced 80% of Twitter staff.”
Securing the US-Mexico Border
Discussing border security, Slim emphasized the need for a stronger security presence on both sides of the U.S.-Mexico border.
“Double the guard here so that nothing gets out, and there so that nothing comes in,” he stated.
He also pointed to the ongoing issue of illegal trade across the border. “Over in the U.S., they keep the drugs and the money, and here, the weapons and the violence,” he said, illustrating the deep-rooted problems of crime and smuggling between the two nations.
A Vision for the Future
Carlos Slim’s insights reflect his deep understanding of global economics and politics. As the world watches how Trump’s policies unfold in his second term, Slim remains vocal about the importance of smart economic strategies, balanced investments, and a strong commitment to industrial growth. His remarks highlight the challenges facing both Mexico and the U.S. as they navigate the complex realities of international trade, economic policy, and border security.
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