Despite concerns about a double-dip recession, the U.S. economy is likely to achieve 2.5% growth in the next year, says Joseph Quinlan, chief market strategist at Bank of America Merrill Lynch. He argues that inflation is unlikely unless countries follow through on threats to erect trade barriers.

Quinlan notes that the U.S. is still the largest exporter globally, exporting $178 billion in goods and services monthly—more than most other countries export in a year.

"We're an exporting powerhouse," he said today at the Alexander Hamilton Best Practices Summit in New York City, noting that much of today's U.S. manufacturing, in areas like capital goods and agricultural machinery, takes place in Southern states such as South Carolina, Georgia and Alabama.