Introduction
Even before taking office as president, AMLO made it clear who was in charge. In the days leading up to the sham consultation to cancel the NAIM, he appeared in a video showcasing Felipe González’s book cover, asking “Who’s in charge here?” The entire nation understood who would be in control and how. In most significant matters, he governed based on whims.
Whims and Their Consequences
AMLO’s whims have led to substantial consequences. One major example is the cancellation of the Texcoco airport, a multi-billion dollar investment, purely on presidential whim. He then built the AIFA wherever he wanted. However, the most severe repercussions came later: he forced airlines to shift their cargo operations from night to day without any transition plan. The U.S. Department of Transportation sanctioned both the AIFA and AICM.
- Currently, Mexico City’s airport category is two, preventing the opening of new international flights.
- Ironically, as the 2026 World Cup approaches, Mexico lacks adequate airport capacity.
- The AIFA is projected to transport 7.3 million passengers by 2025, but uncertainty stalls expansion.
- Aeroméxico’s planned IPO has been halted due to the inherited volatility.
Energy Whims
Arbitrary withdrawals of hydrocarbon import permits and the creation of perverse incentives led to the largest modern fiscal corruption scandal: state-sponsored bootlegging, systematically documented.
- The American Petroleum Institute reported systematic T-MEC violations in October 2025.
- The documentation clearly outlines a pattern of threats to arbitration, importation limits, prioritizing CFE over private companies, unjustified permit cancellations, and a shift towards state control since 2019.
Tax Administration Service (SAT) Interpretations
The SAT’s creative legal interpretations, coupled with the judicial reform destroying independence (Norma Piña removed under political pressure), led to immediate consequences:
- Multinational companies reevaluate their presence in Mexico due to arbitrary judicial reform, opaque tax practices, and the elimination of regulatory autonomy.
- Samsung faces a $15 billion fine; Sony has halted investments; Semicon has canceled plans.
- The U.S. Chamber of Commerce documents Mexico violating the T-MEC through arbitrary judicial reform, opaque tax practices, and regulatory autonomy elimination.
- New investments have significantly decreased, though utility reinvestment was 84% of FDI in 2025. The remaining companies don’t bring new money; they merely recirculate profits.
- The message on Wall Street is clear: there’s no institutional confidence in Mexico.
Conclusion
Like any individual, the former president had both good and bad whims. The examples mentioned here are just a few of the consequences we’re already paying for, and more will undoubtedly follow. Although the current administration has started to implement more sensible regulations, such as the electricity reform or restoring the UIF’s true functions, the reality remains that this administration will have to face the bills left by others. It’s crucial for the government to have a clear understanding of where these bills will come from, how they’ll mitigate costs, and most importantly, how they’ll address the consequences of these whims in the upcoming T-MEC review.
