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 intensive 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 here are some highlights of Slim’s handle on the headquarters of one among his firms in Mexico Metropolis.
“There’s quite a bit to do. He solely has 4 years,” Slim stated 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 difficult.
“What the U.S. has to do is regain world management,” he stated.
“It could be fascinating if he did a type of double play, let’s say on one facet scale back the prices of sure issues and on the opposite channel it towards funding.”
Slim stated bluntly that tariffs do not work. “They enhance inflation … the rate of interest doesn’t go down … tariffs don’t remedy issues.”
He stated Trump’s tariff threats are merely a negotiating device.
Slim stated the 25% tariffs introduced Monday by Trump on all steel and aluminum products would not have a lot impression on Mexico, as a result of some Mexican metal producers even have U.S. operations.
Furthermore, he stated a common tariff on Mexican imports is unlikely, as a result of Mexican President Claudia Sheinbaum and Trump are following via on an settlement that might pause tariffs in change for bolstering border safety.
“The USA’ scenario isn’t good … The USA stopped producing issues,” Slim stated, noting that it outsourced plenty of manufacturing overseas just because it was cheaper.
“The USA has to see what issues it might produce and what it might’t,” he stated, citing the semiconductor industry’s resurgence as a first-rate instance of the necessity for home manufacturing.
He rejected the concept 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 stated. Creating jobs, not simply giving donations.
Slim stated 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 accomplished with care, not shutting down issues in a single swipe like “when he diminished 80% of Twitter employees.”
Slim stated he advocates for extra safety presence on the border from each the US and Mexico.
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