Carlos Slim, Mexico’s richest man and one of the world’s wealthiest individuals, shared his insights on various topics during his annual conference on Monday. Much of the discussion focused on U.S. President Donald Trump.
Here are the key points from Slim’s address at his company’s headquarters in Mexico City:
Focus on Global Leadership
Slim emphasized that the United States needs to regain its global leadership position. He suggested a “double play” approach, reducing costs in some areas while channeling savings into investments.
Tariffs and Trade
Slim criticized tariffs, stating that they increase inflation and don’t solve problems. He described Trump’s tariff threats as negotiation tools. Slim noted that the 25% tariffs on steel and aluminum announced by Trump wouldn’t significantly impact Mexico, as some Mexican producers have U.S. operations. He also doubted that a general tariff on Mexican imports would be implemented due to an agreement between Mexican President Claudia Sheinbaum and Trump.
Domestic Production
Slim highlighted the need for the U.S. to identify what it can produce domestically. He pointed to the semiconductor industry as an example of successful domestic manufacturing.
Corporate Taxes
While Trump has proposed reducing corporate taxes to attract businesses back to the U.S., Slim disagrees. He believes this tactic alone is insufficient and that businesses should be encouraged to repatriate their operations through dialogue and incentives.
Taxing Fortunes
Slim rejected proposals to tax the world’s largest fortunes, arguing that such measures would drive wealth elsewhere. Instead, he emphasized the importance of job creation over charitable donations.
Views on Elon Musk and Wasteful Spending
Slim mentioned that he did not meet tech billionaire Elon Musk at Trump’s inauguration. While he agrees with some of Musk’s ideas, he finds his investments too risky. Slim also believes in cutting wasteful spending but cautions against drastic measures like the reduction of Twitter staff.
Border Security
Slim advocates for increased border security from both the U.S. and Mexico. He suggested doubling the guard presence to control the flow of drugs, money, weapons, and violence.
These insights offer a glimpse into Slim’s perspective on how Trump could navigate his second term and address some of the pressing issues facing the United States.
Source: ABC News
