Carlos Slim Helú, one of the world’s wealthiest individuals and a key figure in Latin American business, recently shared his outlook on Mexico’s economy, U.S. tariffs, and global trade. As the honorary chairman of Grupo Carso and América Móvil, Slim’s insights carry significant weight due to his extensive experience in telecommunications, infrastructure, and finance.
Regarding U.S. President Donald Trump’s tariff policies, Slim criticized the approach as ineffective for resolving the country’s economic issues. He believes that tariffs will only fuel inflation and hinder economic growth.
“Tariffs are not the solution to America’s problems. They will raise costs, increase inflation, and slow down the economy,” Slim remarked.
Despite concerns about a potential 25% tariff on Mexican and Canadian imports, Slim dismissed the likelihood of such a measure being fully implemented. He suggested that the issue is more of a negotiation tactic than a real economic threat.
Regarding steel and aluminum tariffs, Slim noted that Mexico might not face severe repercussions, as many steel-producing companies operate plants within the U.S. Additionally, Mexico imports rather than exports large quantities of aluminum.
The Impact on the Latino Community in the U.S.
U.S. tariffs on Mexican imports could have a significant impact on Latino consumers and businesses. Many Latino-owned businesses, particularly in retail, food distribution, and manufacturing, depend on affordable imports from Mexico. If costs rise due to tariffs, these businesses may struggle to remain competitive.
Additionally, Latino households spend a higher percentage of their income on essential goods. Inflation caused by tariffs could disproportionately affect these families, making it harder to save or invest in their future.
The Latino workforce is also at risk. Many Latinos are employed in industries such as agriculture, construction, and manufacturing—sectors that could experience job losses if companies relocate operations due to increased costs.
Carlos Slim vs. Elon Musk: A Playful Bet on SpaceX’s Mars Mission
In a lighter moment during his conference, Slim placed a symbolic bet of $2 against Elon Musk’s claim that humans will reach Mars by 2028. If Musk succeeds, Slim has promised to acknowledge his error in writing.
Although the bet was lighthearted, it highlights the competitive nature of both billionaires. Their business interests briefly intersected when negotiations for a potential telecommunications partnership between América Móvil and Musk’s companies fell through.
The Path Forward for Mexico and Latino Businesses
Carlos Slim’s economic vision centers around stability, investment, and strategic growth. He believes that Mexico has the potential to thrive if it prioritizes infrastructure and private sector collaboration, rather than relying on aggressive tax reforms or reactionary tariff policies.
For Latinos in the U.S., economic policies—including tariffs—could have a profound impact on financial stability and business success. Policymakers must consider these effects and work towards economic strategies that promote growth, affordability, and opportunity for all.
