Time to Kill All Tariffs 

Jim Woods

Jim Woods has over 20 years of experience in the markets from working as a stockbroker, financial journalist, and money manager.

It’s not often you get a politician to admit they might be wrong on an issue, but that’s actually what happened recently, and of all things, it happened on the subject of tariffs. 

Now, I have long been an opponent of tariffs, as they are essentially a tool used by government that punishes its citizens by making them pay more for goods. Moreover, they are a violation of the free-market principles by which I think economies should be structured around. 

I was an ardent opponent of the tariffs former President Donald Trump imposed on steel and aluminum, and I am equally opposed to those same tariffs that President Joe Biden has left in place.

The fact is that tariffs of all kinds, in addition to being immoral tools of control used by government, also raise prices on goods. And given the current, multi-decade high in inflation, it’s time for tariffs to disappear. 

Incredibly, one Biden administration official at least partially agrees with me. Her name is Gina Raimondo, and she also happens to be the Secretary of Commerce.

Now, hat tip to my friends at Reason.com for alerting me to this issue, and particularly writer Eric Boehm. In his article “Tariffs Are Adding to Inflation. Biden’s Commerce Secretary Says Repealing Some ‘May Make Sense.’”, Boehm points out that when asked during a CNN interview whether the administration would consider rolling back some tariffs to fight inflation, Raimondo admitted that it “may make sense” to do that.

Of course, this small nod to reality also came along with additional bad ideas from Raimondo, who in virtually the same breath suggested that the Trump-imposed tariffs on steel and aluminum would remain in place, “because we need to protect American workers and we need to protect our steel industry; it’s a matter of national security.”

One thing to note here is that whenever a government wants to impose controls on its citizens, it will do so either A) in the name of national security or B) in the name of protecting children. And as a general rule, most policies designed to control the populace neither add to national security nor protect children.

There is, however, a silver lining in this cloudy thinking by Raimondo. In that same interview, she admitted that aside from aluminum and steel, there are other products where it might make sense to remove tariffs, items such as household goods, bicycles, and other goods. Raimondo said, “I know the president is looking at that.”

Well, it’s a good thing the president is looking at that, because his earlier proposals to tackle inflation, which he released on a speech on May 10, will do nothing to combat inflation. Bromide notions of taxing the most successful in our society to bring down the deficit by making them “pay their fair share” and “investing” in alternative energy with taxpayer money are both pro-inflationary, not to mention a further immoral imposition on citizens. 

But just how much are those tariffs costing Americans? As Boehm points out, “The set of tariffs imposed by Trump and maintained by Biden — including those on steel and aluminum, along with a host of imports from China — is applied to approximately $280 billion of imports every year. Those import taxes add about $51 billion annually to Americans’ consumer costs, according to an analysis by the American Action Forum, a pro-market think tank.”

Boehm included the chart here in the American Action Forum analysis that breaks down that nearly $51 billion of additional cost burden created by these tariffs.

Of course, the solution to inflation isn’t just to eliminate tariffs. The problem is a whole lot bigger than that, and even beginning to tackle the issue in earnest would require a new paradigm regarding how we look at both monetary and fiscal policy. 

Yet one thing is certainly true here, and that is tariffs are a penalty on taxpayers — a penalty that raises prices, because that’s precisely what tariffs are designed to do. 

So, if you want to combat inflation, start with an easy, baby step that is both rational and moral — kill all tariffs!


Moore Wisdom 

“In almost every case, whenever a tariff or quota is imposed on imports, that tax is strongly supported by the domestic industry getting the protective shield from lower-priced foreign competition. The sugar industry supports sugar tariffs; textile mills lobby for tariffs on foreign clothing.”

— Stephen Moore

Economist Stephen Moore knows of what he speaks when it comes to free markets, and here he confirms this week’s theme with an additional point about tariffs, and particularly how those already in positions of strong market share support the protective and punitive effects of these pernicious policy instruments. 

Wisdom about money, investing and life can be found anywhere. If you have a good quote that you’d like me to share with your fellow readers, send it to me, along with any comments, questions and suggestions you have about my newsletters, seminars or anything else. Click here to ask Jim.

share on:

Like This Article?
Now Get Jim's FREE Special Report:
The Top 11 Dividend ETFs to
Buy Right Now

Get up to 5X the yields of traditional income plays.

Get Access to the Report, 100% FREE

share on:


Dr. Mark Skousen

Named one of the "Top 20 Living Economists," Dr. Skousen is a professional economist, investment expert, university professor, and author of more than 25 books.

Product Details

  • Forecasts & Strategies
  • Home Run Trader
  • Fast Money Alert
  • Five Star Trader
  • TNT Trader

Bryan Perry

A former Wall Street financial advisor with three decades' experience, Bryan Perry focuses his efforts on high-yield income investing and quick-hitting options plays.

Product Details

  • Cash Machine
  • Premium Income PRO (exclusively for subscribers of Cash Machine)
  • Quick Income Trader
  • Breakout Options Alert
  • Hi-Tech Trader

Jim Woods

Jim Woods has over 20 years of experience in the markets from working as a stockbroker,
financial journalist, and money manager. As well as a book author and regular contributor to
numerous investment websites, Jim is the editor of:

Product Details

  • Successful Investing
  • High Velocity Options
  • Intelligence Report
  • Bullseye Stock Trader
  • Eagle Eye Opener

Bob Carlson

Bob Carlson provides independent, objective research covering all the financial issues of retirement and retirement planning. In addition, Bob serves as Chairman of the Board of Trustees of the Fairfax County (VA) Employees’ Retirement System, which has over $2.8 billion in assets.

Product Details

  • Retirement Watch
  • Retirement Watch Spotlight Series
  • Lifetime Retirement Protection Program

Jon Johnson

Jon Johnson's philosophy in investing and trading is to take what the market gives you regardless if that is to the upside or downside. For the past 21 years, Jon has helped thousands of clients gain success in the financial markets through his newsletters and education services:

Product Details

  • Investment House Daily
  • Stock of the Week
  • Technical Traders Alert
  • Rapid Profits Stock Trader


Used by financial advisors and individual investors all over the world, DividendInvestor.com is the premier provider and one-stop shop for dividend information and research.

Product Details

Popular tools include our proprietary Dividend Calendar, Dividend Calculator, Dividend Score Card, and many more.

  • Dividend Investor

George Gilder

George Gilder is the most knowledgeable man in America when it comes to the future of technology and its impact on our lives.  He’s an established investor, bestselling author, and economist with an uncanny ability to foresee how new breakthroughs will play out, years in advance.

Product Details

  • Technology Report
  • Technology Report PRO
  • Moonshots
  • Private Reserve
  • Millionaire Circle


DayTradeSPY was founded by head trader Hugh Grossman, a retired internal auditor for a Fortune 500 company. After years of first-hand experience trying out one trading strategy after another, Hugh instead developed his own trading system centered around day trading SPY options. That’s it... Nothing else.

Product Details

  • Trading Room
  • Pick of the Day
  • Inner Circle
  • Online Workshops