(11 Feb 2025)
RESTRICTION SUMMARY:
ASSOCIATED PRESS
Mexico City, Mexico – 10 February 2025
1. Mexican businessmen Carlos Slim ()right) and Arturo Elías Ayub, arriving for press conference
2. Slim speaking during press conference
3. SOUNDBITE (Spanish) Carlos Slim, Mexican businessman:
"We have already seen that the tariffs are a negotiation. I lift them, I apply them, it’s the easiest thing to do. I raise them, I lower them. In some cases, he (U.S. President Donald Trump) might leave them, but just imagine: Did you realize what happened when he said he was going to apply them (tariffs)? The stock markets fell, the U.S. stock market fell 2%. Do you know what it means when the stock market crashes? Everybody turns against you."
4. Close of Slim
5. Close of Slim’s hand
6. SOUNDBITE (Spanish) Carlos Slim, Mexican businessman:
"And what the United States wants is to prevent China from taking away its economic and hierarchical leadership, its leadership in many areas. The way to achieve that isn’t through tariffs. It will be by spending less, having lower costs and lower expenses, and by channeling its resources into investment."
7. Reporters listening to Slim
8. Reporter asking question
9. SOUNDBITE (Spanish) Carlos Slim, Mexican businessman:
"I think President Trump is already taking action on the most complicated things that he has to do, very difficult ones. The first one is that (the U.S.) has a lot of consumption and a lot of spending as a country, a lot of domestic and foreign spending. They already started with USAID and they’re looking at many other things to deal with (to reduce government spending)."
10. Close of animation reading (Spanish) "Carlos Slim foundation" on screen
11. Slim speaking during press conference
STORYLINE:
Carlos Slim, Mexico’s richest man and one of the world’s wealthiest, on Monday dismissed U.S. President Donald Trump’s tariff threats against Mexico.
But he praised the Republican’s crackdown on government spending, saying the public money that will be saved should be channeled into investment.
Slim, 85, addressed a range of topics at his annual conference in Mexico City, but many of the questions directed at him were related — unsurprisingly — to Trump.
The billionaire said Trump’s tariff threats are simply a negotiating tool that will not solve U.S. problems.
He said the 25% tariffs announced Monday by Trump on all steel and aluminum products wouldn’t have much impact on Mexico, because some Mexican steel producers also have U.S. operations.
Moreover, he said a general tariff is unlikely as it would likely raise prices for U.S. consumers and anger stock markets.
Trump agreed last week to a 30-day pause on his tariff threats against Mexico and Canada as America’s two largest trading partners took steps to appease his concerns about border security and drug trafficking.
Trump and Mexican President Claudia Sheinbaum announced the monthlong pause on increased tariffs against each other after Sheinbaum agreed to reinforce the border with 10,000 members of her country’s National Guard.
The U.S. government, in turn, committed “to work to stop the trafficking of high-powered weapons to Mexico.”
AP Video by Martín Silva Rey
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