Mexican billionaire Carlos Slim made a dire prediction this week should Donald Trump win the presidential election on Tuesday: “it would destroy the U.S. economy.”
Slim told a conference in Mexico City that policies promoted by the Republican presidential nominee, such as a 35% increase on import tariffs on the many goods manufactured in Mexico, would provoke “brutal inflation.”
For the Mexican entrepreneur, such policies cannot be considered realistic because their implementation would be extremely difficult and would have severe repercussions.
“U.S. institutions are very strong, and no president can simply take office and order arbitrary modifications.”
In the end, Slim said, the United States has a more complicated import issue with China than it has with Mexico, and that Trump has meager chances in Tuesday’s elections anyway, “according to the polls.”
Trump’s proposed border wall also drew some reaction from Slim. “It’s not easy to build a wall,” he said, joking that such a structure would be undermined anyway by the tunnels that cartels build to smuggle their products into the U.S.
The Mexican tycoon’s comments were the first he has made in public since Trump accused him of trying to help his Democratic opponent, Hillary Clinton, in the U.S. election.
In an October speech, Trump accused Slim, the biggest shareholder in The New York Times, of trying to help Clinton through his stake in that company.
“I don’t even know Trump, the U.S. elections have to be decided by the population, the people of the United States and, to be honest, the personal life of Trump doesn’t interest me,” he said.