Nouriel Roubini

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.

The dollar started to go free fall and he panicked.

And he panicked and started to do trade deal.

And he gave the job to Scott Besson.

And guess what?

The average US tariff right now is not 30%, it's 14 and falling because there is a inflation affordability crisis.

And every day they cut back the tariffs on aluminum, on coffee and cocoa and whatever, they're desperate.

And therefore, they already chickened out in 25 because the market forced them.

They'll do more of it this year because that, of course, midterm election and they need to try to boost the economy and reduce the inflation.