RiskReversal Pod David Rosenberg & The Decline of The Consumerican Dream
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Aug 11, 2025 
David Rosenberg, the founder and president of Rosenberg Research, dives into economic complexities, shedding light on U.S. tariff impacts under Trump. He emphasizes how tariffs ultimately burden consumers rather than benefiting the U.S. Treasury. The conversation touches on the Federal Reserve's response to inflation pressures and challenges in employment data reporting. Rosenberg also critiques the current stock market dynamics, advocating for investments in undervalued sectors like utilities and aerospace, while urging caution in today’s uncertain economic landscape.
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Canadian Base But US-Focused Clientele
- Rosenberg Research is headquartered in Toronto because that's David Rosenberg's home.
- Seventy percent of his clients are in the United States, so his perspectives are U.S.-relevant despite the Canadian base.
Tariffs Create No-Win Economic Outcomes
- Tariffs risk squeezing wages or profits, possibly producing inflation or falling real incomes.
- Rosenberg warns there's effectively no good outcome for consumers or employers under broad tariffs.
Inventory Buffers Delayed Tariff Inflation
- U.S. firms built inventories and temporarily absorbed tariff cost, delaying price pass-through.
- As low-cost stock clears, goods inflation is already starting to creep higher.