President Donald Trump’s long-promised tariffs have finally arrived. The administration has imposed sweeping taxes on imports from most major trade partners. Regardless of your political leanings, these are sure to impact the average American family — but how?
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Former Vice President Mike Pence recently shared his opinions over the course of several tweets and interviews. Here’s what he said about how much the tariffs could cost Americans annually.
Pence’s Thoughts on Tariffs
Pence recognizes that “tariffs are good as a means to bring nations like China to the table.” However, he views them as a net negative for families, tweeting, “[F]ree trade lowers the costs of goods and improves the quality of life for every American.”
In another interview, Pence doubled down on his criticisms, saying the tariffs “are nearly 10x the size of those imposed during the Trump-Pence Administration and will cost American families over $3,500 per year.”
So, while the former VP can understand Trump’s tariff rationale, he disagrees with the approach. Bringing trade partners like China back to the negotiating table may be a positive, but for Pence, the cost to American families will be too high.
What the Experts Say
Pence isn’t alone in criticizing the Trump administration’s new tariffs. Experts generally agree that they’ll hit American consumers where they shop. Researchers from UC Davis say families should expect to pay more at the store. We also may have fewer options, as some items become too expensive to bother importing.
For tariff supporters, these extra costs are a price worth paying. Many believe Trump’s import taxes will reshape the American economy, creating new jobs at home and preparing the country for the future.
That could very well happen. Plus, if these new tariffs prompt renewed negotiating with trade partners and better deals for the U.S., they could be a net positive in the long term. The question is what kind of damage the economy and American families could face between here and there.
Pence’s Final Words on the New Tariffs
The former VP has shared a few additional thoughts to summarize his point of view. He started by quoting Joseph Schumpeter, an influential 20th-century economist and longtime Harvard professor:
“The capitalist achievement does not typically consist in providing more silk stocking for queens but in bringing them within the reach of factory girls in return for a steadily decreasing amount of effort.” Put another way, Pence believes, like Schumpeter, that capitalism is a system for helping the lower class improve their quality of life — not a tool for further enriching the extremely wealthy.