Ahead of the inauguration of President Donald Trump, who vowed to impose a 25% tariff on Mexican goods, executives from Mexican corporations displayed a conciliatory attitude, The Wall Street Journal (WSJ) reported on the 20th (local time). This is analyzed as a departure from the previous approach of countering Trump, who was pressuring Mexico during his first administration eight years ago.
For example, Mauricio Doener Cobian, an executive at the Mexican cement corporation Cemex, met with officials from Trump's second administration in Washington, D.C., on the 19th, a day before Trump's inauguration. At the meeting, he exclaimed, "Let's make North America great again," receiving applause. This was an adaptation of Trump's campaign slogan, "Make America Great Again." According to the Wall Street Journal (WSJ), the meeting also included the son of Mexican tycoon Carlos Slim and Altagracia Gomez, an economic advisor from Shane Baum.
WSJ analyzed that "the Mexican corporations are presenting themselves not as Mexican corporations but as North American corporations to evade a potential trade war," remarking that this is "a way that was almost unseen during Trump's first term." It further stated, "Mexican corporations hope to either benefit from the pro-corporation policies Trump promised or, at worst, qualify for tariff exemptions."
Matias Gomez Leotau, the chief Mexico analyst at the risk consulting firm Eurasia Group, noted, "Mexican corporations are applying the lessons learned from Trump's first term, and Trump provided a very clear playbook on negotiation strategies. There is a strong perception among Mexican corporations that they must take Trump's priorities seriously, unlike in 2016."
Mexican corporations have started increasing investments in the U.S. to appease Trump. Cemex announced plans to invest between $4 billion and $6 billion (approximately 5.758 trillion to 8.6352 trillion won) in the U.S. within five years. This is an increase from the $3 billion (approximately 4.3185 trillion won) it invested in the past six years. Interamerica Foods, the U.S. subsidiary of Mexico's largest pasta manufacturer, announced plans to build a new production line worth $15 million at its plant in Cleburne, Texas, extending a conciliatory gesture to Trump. The Mexican corporation Xignux, which produces electric transformers in collaboration with GE Vernova, is expanding three business sites in the U.S. and has already hired 1,900 U.S. workers.
Some Mexican corporations argue that they can address the illegal immigration issues that concern Trump. Carlos Alarez, CEO of the Mexican railroad company REMED, told WSJ, "Our project is focused on economic development to keep people in the region, and we believe it will help prevent Mexicans from migrating to the U.S."