Some analysts worry those conditions could change for the worse because of President-elect Donald Trump's threats to overhaul NAFTA and other free trade agreements. The Mexican peso hit fresh record lows versus the U.S. dollar on Wednesday as worries about tougher trade policies persisted.
"The one thing that I'm concerned about is trade, because if you look back in history, there are numerous examples of how trade wars are crippling," said Peter Weinberg, founding partner and head of advisory, Perella Weinberg Partners.
"I think the U.S. economy on a relative basis is strong, and there are lots of things about this country that are amazing, including just the entrepreneurial spirit, like nowhere else in the world," he said at the Reuters panel. "But I think it is fragile. And I don't think we have a free pass to growth."
Fritz said while he shared those concerns, he feels positive about Trump's plans for tax cuts and deregulation.
"What matters to us is we have a vibrant goods economy, that we have consumers consuming and manufacturers manufacturing and industry being healthy," the Union Pacific chief said.
"So to the extent that a corporate tax reform makes the U.S. more attractive in those ways, that's fantastic for business," he said, adding that coming changes in regulation would likely be more business friendly.
To be clear, Union Pacific's latest investor "Fact Book" from 2015 says the company does not physically operate in Mexico, but cooperates with the country's two largest railroads for interchanges at the border. Union Pacific even has a minority stake in one of the Mexican rail companies.
Trump has called for building a wall along the U.S.-Mexico border and imposing tariffs on imports.
"There's a huge difference between those two things, pro-business and pro-free markets," Weinberg said. "They're not the same. ... My hope is this won't be sort of a blind pursuit of protected markets. I just don't think that's where we're going to be. If we are, that's going to be a problem. But I don't think that's where we're going to be."
Some analysts and business leaders do see a need for change to existing U.S. trade relationships. They say foreign government subsidies have given certain nations unfair advantage over the U.S.