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 Act As A De Facto Tax
- Tariffs function like a tax that squeezes someone in the U.S.
- The importer, manufacturer, and consumer share the burden; foreign exporters rarely pay it all.
Tariff Shock Is Drip, Not One-Off
- The tariff rollout is a drip, drip, drip rather than a single temporary shock.
- The Fed faces ongoing inflation risk because tariffs may repeatedly boost prices over time.