Carlos Slim is the richest man in Mexico, and one of the richest in the world. He has built a fortune in a part of the world where that’s difficult to do.
The man knows a bit about what works and what doesn’t. And despite the fact that Donald Trump talked tough to Mexico about building a wall, Slim made a bold proclamation.
[pp] “If President-elect Donald Trump succeeds as U.S. leader, it will be good news for Mexico.”
Moreover, Slim added, that a 4 percent U.S. growth rate (a rate economists suggest Trump can create) would create millions of jobs.
You can bet that Slim was not just talking about American jobs.
Mexico is our closest southern neighbor, and they would undoubtedly benefit from more U. S. business. Because of NAFTA, a large part of the Mexican economy is bolstered through the manufacturing centers known as the maquilladoras. As reported by NPR,
Mike Myers is the general manager of INFASA, a maquiladora — or cross-border manufacturing operation – that employs just over 200 workers. They produce everything from small vent covers that would appear in a house to wall-sized, industrial air intake units.
“We custom make everything. When an order comes in here, we make it to order,” he says.
Meyers says being just south of the U.S. border gives his company an advantage in the fiercely competitive global market. His firm gets access to a low-wage workforce in Mexico, yet it can still deliver products rapidly to their customers in the United States. His company’s lead-time is just seven days, he says.
“You’re not going to get something from China in seven days unless you put it on an airplane,” Meyers says. “Here, we put it on a truck, and it’s in. We take an order, we custom build it, we ship it out, and it’s out quickly.”
Want to know the impact of the U.S. economy on Mexico?
Considering there are roughly 3,000 maquiladoras stretched along the U.S. border from Tijuana to Matamoros on the Gulf Coast, I’d say the impact is tremendous. When running at capacity maquilladoras employ roughly 1 million Mexican workers. Under President Trump, that capacity has the potential to increase, that’s if Mexico plays by the rules.
Yet, Liberals scoffed when Giuliani and Sessions sported “Make Mexico Great Again” hats at an immigration rally in Phoenix.
Interesting that Slim didn’t provide comments about the potential “Trump economy” during the election? As Bloomberg reports,
“Trump said during his campaign that Slim, a top shareholder in New York Times Co. and a Clinton Foundation donor, was working alongside Hillary Clinton’s campaign to help generate negative coverage of him. At the time, a Slim spokesperson said the billionaire had never met Trump and was not interested in U.S. politics. While Slim is the biggest holder of New York Times Class A shares, with 12 percent, the Ochs-Sulzberger family holds Class B shares with special voting rights that give them control of the newspaper publisher.”
Funny that Slim could have such a quick change of heart.
A few days before the election, Slim claimed that Trump’s plans would “destroy” the US economy. Interesting given what happened to Slim’s wealth in the aftermath of the election.
“Slim has felt the effects of Trump’s election personally. The Bloomberg Billionaires Index estimates the dollar value of his fortune at $48.1 billion, down from more than $55 billion in the days before Trump’s victory over Hillary Clinton sent the peso nosediving.”
One can only wonder how Slim would have fared had crooked Hillary Clinton been elected. And don’t think Slim didn’t try to grease those skids.
Slim warned Americans about a Trump presidency in the interview again, pre-election:
“Billionaire Carlos Slim, Mexico’s richest person, said Americans have more to worry about under Donald Trump than Mexicans because the president-elect could cost the U.S. its place as the world’s leader.
“I would be more worried if I were an American,” Slim said in an interview with Bloomberg Television. “If you are going to close the economy, it is bad. He has the risk to lose the international leadership of the United States.”
Apparently the stock market or Trump latest approval ratings agree.
Slim states the painfully obvious truth, and the solution to most problems…count on self-reliance:
“What is happening with this shock is that Mexico needs to turn back to Mexico. Now we need to get back to Mexico and focus on the internal economy and try to get back to the economy we have forgotten for many years.”
Here’s a thought: If Mexico didn’t suck, America wouldn’t to build a wall.