Updated 4 months, 1 week ago

Carlos Slim argues Trump’s success could be great for Mexico

Mexican business magnate Carlos Slim, worth $50 billion and ranked as the 7th richest person in the world, commented on Trump’s victory in the United States and argued that his success in office would be very beneficial for Mexico.

Despite never having met in person, Slim and Trump exchanged comments throughout the 2016 election, despite Trump’s vicious opposition to the existing relationship between the US and Mexico, attacking both NAFTA and current migratory conditions. Earlier this year, Trump accused Slim, the majority shareholder at the New York Times, of trying to take advantage of his position to help Hillary Clinton’s campaign.

Not long before the election, Slim suggested that a Trump victory could potentially ‘destroy’ the US economy. He argued that he would be ‘more worried’ if he was American, and expressed his concerns towards Trump’s isolationist proposals, which Slim said could ‘close the economy’.

Despite his worries, Slim remained optimistic, since if Trump’s economic proposals work as intended, they could trigger upwards of 4% growth to the US GDP, which Slim said would be ‘fantastic for Mexico’ since it would generate jobs and increase the market size for Mexican goods as Americans recover their purchasing power.

Slim explained that Trump’s victory made no changes to his investment strategy, and that the introduction of steep tariffs to Mexican exports could be the one real threat to the Mexican economy.