Mexican billionaire Carlos Slim on Friday said that Republican US presidential candidate Donald Trump’s plans would “destroy” the US economy and joked that Trump’s proposed wall at the US-Mexico border would be undermined by smuggling tunnels.
At an event in Mexico City, Slim made his first public comments since Trump accused him of trying to help Democratic US presidential candidate Hillary Rodham Clinton.
Slim said that he thought it was unlikely Trump would win Tuesday’s election, and dismissed the New York businessman’s economic proposals.
“If they slap on a 35 percent [tariff] it would destroy the American economy,” Slim said at an event in Mexico City, referring to Trump’s threat to put a 35 percent tax on many goods manufactured in Mexico and shipped to the US.
The comments appeared to pit Slim, who for several years was the richest man in the world, against Trump, who has said his business acumen and experience as a real-estate developer make him the best candidate for the White House.
In a speech last month, Trump accused Slim, the top shareholder in The New York Times Co, of trying to help Clinton through his stake.
The Sulzberger family controls the company’s voting shares; Slim’s shares have limited voting rights.
Slim, asked about Trump’s comments on the sidelines of the Mexico City event, said: “I don’t even know Trump, the US 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.”
Trump has said he would renegotiate or tear up a key trade deal with Mexico and Canada and build a massive border wall, and has attacked US companies investing there, battering the Mexican peso.
“It’s not easy to build a wall, anyway they build tunnels and most people arrive by plane,” Slim said, referring to drug cartels digging tunnels beneath the border to smuggle their products into the US.
STAYING AHEAD: Fitch said that TSMC remains technologically ahead of others, but Samsung is building a new chip fab, while China is investing in its domestic industry As escalating US-China tensions and COVID-19-related production disruptions force US technology supply chains to transform, Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) US$12 billion chip fabrication plant in Arizona would be key to spurring greater US production of core semiconductor components, Fitch Ratings said. “We view the US-TSMC alliance as a first step in building a more autonomous US technology supply chain, given high barriers to entry, specifically related to the significant capital and design capability required for leading-edge semiconductor manufacturing,” Fitch said in a statement on Tuesday. “By working with TSMC, US chipmakers will not face the financial burden of incremental investment
DIVERSIFICATION: Although COVID-19 would push more companies to produce in emerging markets, DBS said that it was unlikely that firms would totally leave China Geopolitical tensions and supply disruptions are expected to accelerate the migration of manufacturing out of China, as concerns about the risk of production concentrated in one country increase, S&P Global Ratings said. Although its economic expansion might be weaker than previous levels due to the accelerated relocation of manufacturing, China’s economic growth would still be stronger than that of most other economies, the ratings agency said. “While absolute growth rates will moderate, we believe China’s economic performance will continue to be a key sovereign credit support,” S&P Global Ratings credit analyst Tan Kim Eng (陳錦榮) said in a statement on Thursday. “Its growth
Taiwan’s corporate landscape has changed significantly over the past 20 years, with Hon Hai Precision Industry Co (鴻海精密) replacing Formosa Plastics Corp (台塑) as the revenue leader, while Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) has emerged as the most profitable firm, a survey of Taiwan’s 50 largest companies published on Tuesday last week showed. The Chinese-language CommonWealth Magazine survey ranked Taiwan’s 50 largest companies based on their revenue last year, and compared them with the results of a similar survey it conducted in 2000. Only 33 companies on the original list remained in this year’s rankings, the survey found, following two
Luxury hotel Mandarin Oriental Taipei (文華東方酒店) yesterday announced that it would suspend guestroom operations and lay off related staffers from Monday, as regional border controls and travel restrictions are unlikely to be lifted anytime soon. The partial shutdown would not affect the five-star hotel’s restaurants, bars, spa, and conference and banquet facilities, which this month have almost recovered to pre-pandemic levels, it said. “Mandarin Oriental Taipei will suspend all guestroom services from June 1 due to the impact of the COVID-19 pandemic,” the hotel said after four months of maintaining normal operations proved unsustainable. The change necessitates downsizing and the hotel is handling