Nouriel Roubini, voiced strong criticism on Monday regarding President Donald Trump’s declaration of “Liberation Day,” which marks the imposition of new tariffs. Roubini described the term as “literally Orwellian doublespeak,” suggesting that the tariffs would lead to “lower growth and higher inflation.”
What Happened: The prominent economist sometimes referred to as “Dr. Doom,” emphasized that the real impact of these tariffs would depend on the negotiations, which he anticipates will be “ugly and long-drawn.” Roubini questioned the notion of “liberation,” arguing that it would not benefit U.S. consumers, workers, or businesses, nor the global economy.
He further expressed skepticism about whether the “escalate to de-escalate” strategy, mentioned by Bessent, would prevail over the views of trade hawks like senior counselor for trade and manufacturing Peter Navarro, Commerce Secretary Howard Lutnick, trade negotiator Jamieson Greer, and Trump, whom he called “the biggest trade hawk of all.” Roubini suggested that advisors like economic adviser Kevin Hassett and chair of the Council of …