David McWilliams

So we're going to talk about the... So Mexico is two economies.

You have...

The formal economy, it's actually three economies.

You've got the formal economy, which is taxed and above board, etc.

Then you've got the informal economy, which is basically the black economy.

And then you have the narco economy.

The narco economy is absolutely huge in relative terms.

And so what you find in Mexico is this strange, strange contrast between

in the north of Mexico in particular, should be called MexAmerica because it basically is part of the North American economy.

And as you said, FDI, particularly in the automotive sector, and they've done extremely well out of Chinese tariffs.

Because what happened was, when Trump declared war on the Chinese tariff-wise, the Americans had to produce what they were buying from China somewhere else.

And of course, they couldn't produce it in America, it was still too expensive.

So American companies pivoted away from China to Mexico.

So the Mexicans have done extremely well in the last 24 months out of Trump.

Which again, given that he described Mexico as a shithole country, is kind of ironic.

Are you sure you want to tell people in the podcast?

People were very friendly.

Yeah, it's a great country.

I've been to Mexico just the once in Yucatan.

Chichen Itza.