Nouriel Roubini

in public, and then they invest in the U.S.

I mean, throughout the Gulf, whether it's Saudis or Emiratis or Qataris.

There's no alternative to the United States.

And I think for a good reason.

I've argued that actually I'm a techno-optimist that US potential growth by the end of this decade is going to be 4%, not 2%.

And if you had American exceptionalism, when growth was 2%, and the S&P was returning you 12%, including dividends for 20 years, and now it's like 16%.

If growth is even only three, let alone three and a half and four, then returns have to be even higher.

So yeah, in the short term, there is now volatility, but that's short-term volatility.

If you look in the medium term, we're 3%, 4% growth, and we'll be there because of technology.

The US is number one, together with China, in all of the industries of the future.

It's not just AI, there are about 15 other ones.

then American exceptionalism is not over.

Actually, it's going to be reinforced over time.

And there is no other place to invest than the United States because China is risky and uninvestable for lots of good reasons.

Oh, it already happened in 2025 and it's going to be more of it in 2026.

You know, on April 2nd, he announced average effective tariffs of 30%.

as opposed to the pre-April cycle liberation date, 3%.

But they said right away that market discipline is going to force him to chicken out and back down.

And two weeks into that announcement, NASDAQ was down 20%, S&P 15, 10-year treasury yield where

up 80 basis points, high yield spreads up 150.