# Tech Trumps Tariffs: Why U.S. Exceptionalism Will Last.

1 Opinion November 24, 2025 Financial Times ![Nouriel Roubini](/sites/default/files/styles/246w/public/assets/images/nroubini.jpg?itok=R6F5VNmo)By Nouriel Roubini

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After the so-called “liberation day” tariffs announcement, the conventional wisdom about the US economy became very pessimistic. A new consensus was built on worries over tariffs, policies such as restrictions to migration, unfunded large fiscal deficits, threats to the independence of the Federal Reserve and the erosion of rule of law.

The argument was that American exceptionalism was over — the US economy was facing stagflation, the stock market was set for a slump or worse and the exorbitant privilege of the dollar as the major global reserve would erode. As the US weaponised its currency, the value of the dollar would start to fall rapidly over time.

In a recent paper of mine and a companion one by my Hudson Bay colleague Jason Cuttler, we reject such pessimism and have a much more positive outlook for the US economy and markets over time.

Read the full [*Financial Times* article](https://www.ft.com/content/3af620bb-6d5e-4281-879d-c3193e225803?accessToken=zwAGRGzrPNSIkc869iC7bV5CgdOHncMZPiJYAw.MEQCIBpwcUXxk5l93DuMap9BUbjpxffdHzttxKLTlQZ_tgThAiBMyOP7_dlGR3KW6XxFm3qyWKxVWYyhpp_fn5Wlb4GMqQ&sharetype=gift&token=c95d0a3d-f4c3-44ba-912c-a71f20a8e914).
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*Nouriel Roubini is a Professor Emeritus of Economics and International Business and the Robert Stansky Research Faculty Fellow.*

## More from Nouriel Roubini

- [Oil Shocks Are No Longer So Shocking.](https://www.stern.nyu.edu/index%2ephp/experience-stern/faculty-research/opinion/oil-shocks-are-no-longer-so-shocking)
- [Four Scenarios for the Iran War.](https://www.stern.nyu.edu/index%2ephp/experience-stern/faculty-research/opinion/four-scenarios-iran-war)
- [U.S. Escalation Is the Most Likely Scenario in Iran.](https://www.stern.nyu.edu/index%2ephp/experience-stern/faculty-research/opinion/us-escalation-most-likely-scenario-iran)
- [Kevin Warsh Is in for a Rude Awakening.](https://www.stern.nyu.edu/index%2ephp/experience-stern/faculty-research/opinion/kevin-warsh-rude-awakening)
- [The Coming Crypto Apocalypse.](https://www.stern.nyu.edu/index%2ephp/experience-stern/faculty-research/coming-crypto-apocalypse)