Stephen Moore Tells Michael Cohen He Opposes Donald Trump's Steel Tariffs

Stephen Moore, the conservative economist, said in an episode of Michael Cohen's When You Know You Know that he disagrees with the president's tariffs on steel and aluminum. He argued that they make it more expensive to build things in the United States.

The break is a narrow one. Moore spent most of the interview defending Trump's economic record and blaming Democrats for high energy prices. He also endorsed Trump's broader case against America's trading partners, from China to Canada. But with eight days to go before the midterms and voters focused on prices, one of the president's best-known economic allies called a core piece of his trade agenda a cost to American producers.

Stephen Moore on Trump's Steel and Aluminum Tariffs

Cohen, Trump's former personal attorney, who told listeners "I'm a Democrat," asked Moore how Trump's America First trade policy would help workers when "tariffs can also raise the cost for American businesses and consumers."

"Well, I'm more of a traditional, you know, free trade guy," Moore said, adding that the U.S. benefits when "all countries are reducing their tariffs."

"Where I disagree with Trump is, you know, that they put, you know, sometimes 40 or 50% tariffs on steel and aluminum and things like that, which makes it more expensive to produce things here at home." — Stephen Moore

He then turned straight to where he agrees with the president.

On China, he did not hedge at all. "I'm a big believer in getting tough with China," Moore said. "They are the new Soviet Union, right?"

What the Metals Tariffs Actually Are

Moore's "sometimes 40 or 50%" understates the rate a little. An April 2, 2026, proclamation, effective April 6, set a 50 percent rate on steel and aluminum articles and certain derivatives. It set 25 percent for other derivative products and 10 percent for derivative products whose aluminum was entirely smelted and cast in the United States. The duties apply to an import's full customs value regardless of metal content.

Fact-Checking Moore's Affordability Claims

Moore also said that "the average family actually has about $2,500 more income after adjusting for inflation than they did when Biden was president," an estimate he described as based on Census Bureau numbers. That is not the same measure as the Census Bureau's 2025 income report, which found that real median household income rose 2.6 percent, from $85,210 in 2024 to a record $87,460 in 2025, a one-year gain of $2,250.

His inflation figure checks out. "The inflation rate today is 3.7%. Now that's too high," Moore said. The Bureau of Labor Statistics reported on October 14 that consumer prices rose 3.7 percent in the 12 months through September, and 0.6 percent for the month, with gasoline a significant driver of the monthly increase. Current price data is on PolitiKool's inflation tracker.

Voters and Tariffs Before the Midterms

Voters are sour on tariffs and prices. An Associated Press-NORC poll of 2,140 adults, conducted September 24 to 28, found that 64 percent said Trump has gone too far on tariff enforcement and about 65 percent blame his policies for high costs. Only 17 percent approved of his handling of the cost of living, and 26 percent approved of his handling of the economy.

Trump's approval on the economy is 29.5 percent, against 67.6 percent who disapprove, according to PolitiKool's polling average. Democrats lead the generic congressional ballot by 8.5 points in PolitiKool's polling average.

What Happens Next

The 50 percent rates remain in force, and the April proclamation phases some products onto the standard Section 232 rates on January 1, 2028. Moore said he expects Trump to win his fight for a "level playing field."