May 09, 2025

Beyond the Tariff Headlines: STORE2025 Opening Keynote Ira Kalish, Chief Global Economist for Deloitte Prepares Canadian Retailers for Economic Change

23 minutes

In this timely episode of The Voice of Retail, host Michael LeBlanc welcomes back frequent guest and audience favorite Ira Kalish, Chief Global and US Economist for Deloitte, who is set to deliver the opening keynote address at Retail Council of Canada's STORE2025 conference on June 3rd. This conversation offers listeners a valuable preview of the critical economic insights Canadian retailers can expect from his highly anticipated keynote.

As LeBlanc notes in the introduction, "I'm very excited that you're going to be here in person," highlighting the significance of Kalish's upcoming role in kicking off RCC's flagship event during this period of economic uncertainty. The episode serves as an essential primer for conference attendees and provides crucial analysis for all retail professionals navigating today's complex trade environment.

Drawing on his deep economic expertise, Kalish reveals that average US tariff rates have skyrocketed to approximately 27% - levels not seen since 1903. This represents a dramatic increase from the previous 3-3.5% rates and has triggered significant financial market volatility, supply chain disruptions, and growing concerns about economic downturns - all topics he'll address more extensively in his STORE2025 presentation.

The conversation tackles three major justifications for the new tariff approach: shifting from taxes to tariffs for revenue generation, rebalancing global trade priorities, and re-shoring manufacturing. Kalish systematically challenges these rationales, providing a preview of the economic framework he'll expand upon during his conference keynote.

Particularly concerning for retailers planning to attend STORE2025, Kalish highlights data showing container shipments from China to the US are down 45% year-over-year, as importers either find tariffs too prohibitive or wait for potential policy reversals. This disruption threatens empty store shelves and significantly higher consumer prices in the immediate future - urgent challenges that will undoubtedly be central to his opening address.

Continuing themes he'll develop further at the conference, the discussion also explores non-tariff barriers, currency manipulation accusations, and the possibility of regional "fortress" trading blocs. While Kalish doesn't foresee complete regionalization of trade, he notes that many countries are now working to reduce US trade dependence by liberalizing trade with each other.

On a more optimistic note, the conversation concludes by examining how this trade crisis might catalyze positive economic reforms in Canada - a topic that will resonate strongly with the Canadian retail executives gathering at STORE2025.

Listeners are encouraged to follow Kalish's weekly economic updates on Deloitte's thought leadership website at deloitte.com/insights, while also making plans to attend his must-see opening keynote at Retail Council of Canada's STORE2025 conference on June 1st, where he'll provide expanded insights on these rapidly evolving economic developments.

Michael LeBlanc is the president and founder of M.E. LeBlanc & Company Inc, a senior retail advisor, keynote speaker and now, media entrepreneur. He has been on the front lines of retail industry change for his entire career.

Michael has delivered keynotes, hosted fire-side discussions and participated worldwide in thought leadership panels, most recently on the main stage in Toronto at Retail Council of Canada’s Retail Marketing conference with leaders from Walmart & Google. He brings 25+ years of brand/retail/marketing & eCommerce leadership experience with Levi's, Black & Decker, Hudson's Bay, CanWest Media, Pandora Jewellery, The Shopping Channel and Retail Council of Canada to his advisory, speaking and media practice.

Michael produces and hosts a network of leading retail trade podcasts, including the award-winning No.1 independent retail industry podcast in America, Remarkable Retail with his partner, Dallas-based best-selling author Steve Dennis; Canada's top retail industry podcast The Voice of Retail and Canada's top food industry and one of the top Canadian-produced management independent podcasts in the country, The Food Professor with Dr. Sylvain Charlebois from Dalhousie University in Halifax.

Rethink Retail has recognized Michael as one of the top global retail experts for the fifth year in a row, the National Retail Federation has designated Michael as on their Top Retail Voices for 2025, Thinkers 360 has named him on of the Top 50 global thought leaders in retail, RTIH has named him a top 100 global though leader in retail technology and Coresight Research has named Michael a Retail AI Influencer. If you are a BBQ fan, you can tune into Michael’s cooking show, Last Request BBQ, on YouTube, Instagram, X and yes, TikTok.

Michael is available for keynote presentations helping retailers, brands and retail industry insiders explaining the current state and future of the retail industry in North America and around the world.

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