Economist Nouriel Roubini, long known for his warnings ahead of financial crises, now offers a bullish perspective on U.S. economic growth. Despite concerns over President Donald Trump’s tariff policies, Roubini asserts that technological innovation will counteract economic drag, ensuring the U.S. reaches 4% annual growth by 2030.

According to Roubini, also known as “Dr. Doom,” financial markets, including the U.S. bond market, helped to thwart the worst effects of the administration’s trade policies.

“Market traders trumped the tariffs, and bond vigilantes proved more powerful even than the U.S. president,” Roubini said, referencing Trump’s retreat from broad-based tariffs after market backlash.

After steadfastly defending his reciprocal tariffs despite mounting criticism from economists, industry leaders, and political allies, Trump eventually announced a temporary pause in the policy. This decision came as U.S. bond yields ticked higher, signaling growing unease among investors and financial markets.

The marginal increase in the yield on U.S. bonds was widely interpreted as a response to heightened trade tensions, with investors pricing in potential economic slowdowns and inflationary pressures resulting from the tariffs. Rising U.S. yields could lead to capital outflows from emerging markets and put pressure on global currencies.

According to Roubini, financial markets again prevailed after Trump floated the idea of firing Federal Reserve Chair Jerome Powell over his refusal to lower interest rates.

“Trump was the first to blink—at least for now,” Roubini observed, emphasizing Powell’s firm stance on central bank independence.

While trade restrictions and protectionist policies could slow economic growth by as much as 50 basis points, Roubini argues that technological advancements will boost U.S. potential growth by 200 basis points.

“If growth goes from 2% to 4% because of technology, that is a 200-basis-point boost to potential growth. Yet even draconian trade protections and migration restrictions would reduce potential growth by only 50 basis points at most,” he explained.

The artificial intelligence (AI) boom, Roubini posits, has accelerated investments, even in the face of policy uncertainty.

“Since the launch of ChatGPT in late 2022, AI-related investments have driven a U.S. capital-expenditures boom,” he said, underscoring the resilience of the tech sector despite tariffs.

Meanwhile, Roubini, a senior adviser at Hudson Bay Capital Management LP, also took aim at Europe, which he said faces headwinds of demographic aging, energy dependence, and an overreliance on Chinese markets. He predicts a further widening of the innovation gap between the U.S. and Europe.

“The 50-year innovation gap between America and Europe will only widen as AI-driven growth moves from logarithmic to exponential,” the economist warned.

Concerning the impact of tariffs on U.S. inflation, Roubini projects that inflation will surge past 4% this year. The growth in the inflation rate will ultimately stall economic growth, “leading to a shallow U.S. recession that will last for a couple of quarters.”

Despite trade tensions, inflation, and political volatility, Roubini remains confident in the U.S. economy’s ability to thrive.

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