Moneywise and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

New York University marketing professor Scott Galloway delivered a fiery takedown of President Donald Trump’s sweeping tariffs, calling them a “blackout drunk” move that could derail the global economy.

“It would be hard to think of a more elegant way to reduce prosperity this fast,” Galloway said during an April 11 appearance on The View.

Taking aim at Trump’s economic nationalism, Galloway defended the logic behind outsourcing low-wage manufacturing jobs.

“We want to wear Nikes. We don’t want to make them,” he said. “We have outsourced low-wage jobs overseas, such that we can create more profits, more investments and create higher-wage jobs.”

But it’s not just about labor. Galloway warned that Trump’s tariffs could dramatically increase prices for everyday Americans.

“If these tariffs hold, your iPhone is going to go from $1,000 to $2,300,” he said. “To make an iPhone in the U.S., it would cost $3,500.”

Galloway didn’t hold back on where he thinks the blame lies: “We finally need to acknowledge, we have someone at the wheel of the global economy that is blackout drunk right now.”

There are signals that Trump is toning down his tariff war. U.S. and Chinese officials settled on a 90-day tariff truce on May 12 that will see tariffs on some goods imported from China temporarily suspended and others lowered to 30%. However, the continued reduction in tariffs depends on continued good relations between the two superpowers.

Galloway isn’t alone in his feelings — Trump’s tariffs have sparked serious warnings from some of the most powerful names in finance. Billionaire hedge fund manager Ray Dalio recently highlighted the role of one time-tested asset that could help investors brace for economic turbulence.

“People don't have, typically, an adequate amount of gold in their portfolio,” he told CNBC in February. “When bad times come, gold is a very effective diversifier.”

Gold has long served as a hedge against inflation. It can’t be printed out of thin air like fiat money, and because it’s not tied to any single currency or economy, investors often flock to it during periods of economic turmoil or geopolitical uncertainty, driving up its value.

For those looking to capitalize on gold’s potential while also securing tax advantages, one option is opening a gold IRA with the help of Thor Metals.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those seeking to ensure their retirement funds are well-shielded against economic uncertainties.