Mike Pence: Broad-based tariffs against friendly nations will hurt American consumers

U.S. President Donald Trump’s economic “Liberation Day” speech on Wednesday sent shockwaves around the globe. His announcement of sweeping new sanctions on U.S. trading partners – alongside a universal 10% tariff on all imported goods – came as a surprise to many, but not his former vice president.

Mike Pence sat down for an interview with THE ROSENBERG REPORT on TBN, which was recorded about two weeks before Trump unveiled his new economic agenda.

“I think it's extremely important that people understand that there are many advisers around the president that are also talking about broad-based tariffs on all goods coming into the United States,” Pence told ALL ISRAEL NEWS Editor-in-Chief Joel Rosenberg, not holding back his dismay.

“At a time when our families here in Indiana and all over the country are still recovering from the Biden inflation – a gush of spending that launched the worst inflation in 40 years – I have great concerns about broad-based tariffs at our borders for tax.”

In Part Two of their conversation, which took place in Indianapolis, Pence explained to Rosenberg why he supports certain types of tariffs but is highly skeptical of others.

“Let's be very tough on authoritarian regimes that engage in trade abuses, but I'm going to continue to signal a cautionary tone about broad-based tariffs on all goods coming into the United States,” he said.

Rosenberg noted that while tariffs carry risks, they can be effective as a foreign policy tool rather than serving as an end in themselves.

Pence pointed to a policy from the first Trump administration that he is most proud of.

“We imposed $250 billion in tariffs on China, and within six months, they came to the negotiating table,” he recalled. “In January 2020, we inked what came to be known as the ‘Phase One’ trade deal – first opening the Chinese market, particularly to agricultural goods, in a way that hadn’t happened in a generation.”

“So, my first category is, we ought to tariff China aggressively. That's important. And require that Chinese imports into the United States face severe tariffs unless and until China opens their markets to the United States and ends the trade abuses,” he continued.

When asked if Trump might be overusing tariffs, Pence expressed serious reservations about broad-based measures.

“Tariffs are paid by the importers in this country. And more often than not, they're passed along to consumers,” he stressed.

“I know that a member of the cabinet recently said that the American dream is not about low-cost goods. Actually, having lived on a paycheck almost my entire career. You know what? It is a lot about low-cost goods and being able to enjoy a quality of life.”

Pence also noted that the risk to consumers isn’t just from tariffs imposed on foreign goods but from retaliation by other countries.

“You're in Indiana now, and I'm happy to tell you this is the second-leading exporting state in America,” he told Rosenberg. “What we make, what we grow – we literally sell all over the world. And so, to the extent that other countries in the world retaliate with tariffs against what we make and our agricultural goods – there's a real cost there.”

Rosenberg then asked if there could also be a political cost, pressing Pence: “Is there a political risk to the Trump agenda with only a three-seat margin in the House? If prices are high and the economy is struggling a bit – or a lot?”

“Look, midterm elections are always tough on the party in power in the White House. Especially tough when the economy is bad,” Pence responded.

“You can look at Ronald Reagan in 1982. He had a brutal midterm election. The policies that he was putting into effect hadn’t yet taken effect. It's one of the reasons why I think we ought to do tax cuts before tariffs.”

Watch Part Two of Joel Rosenberg’s full conversation with former Vice President Mike Pence on the TBN website.

THE ROSENBERG REPORT airs Thursday nights at 9 p.m. EST and Saturday nights at 10 p.m. EST on the Trinity Broadcasting Network (TBN), the most-watched Christian television network in the United States.