Former Vice President Mike Pence was in the Tar Heel state to talk tariffs and tax policy with Raleigh business owners Monday morning.

Using tariffs to rebalance U.S. trade was one of President Donald Trump’s biggest campaign promises heading into 2025. “Liberation Day” sent the markets into a frenzy, but some stocks have since climbed back as companies deal with inventories and overseas shipping costs. 

Pence said if he were still walking the hallways of the White House, he’d have a solo meeting with Trump about how tariff talks with other countries are going. He said he’d also talk about how tariffs affect everyday families, small businesses and farms.

“The reality is that ultimately American consumers will pay the price when these tariffs take effect. And it will impact jobs and employment as we heard today at this conference in North Carolina,” Pence said.“The reality is that ultimately American consumers will pay the price when these tariffs take effect. And it will impact jobs and employment as we heard today at this conference in North Carolina,” Pence said. Tariffs have unexpected downsides, no matter the motive, Pence said.

Pence took questions from Capital Tonight host Tim Boyum at the Raleigh Marriott Crabtree Valley event, called “Triangle Talk: A Roundtable Discussion with Business Leaders.”

The former vice president added the threat of tariffs should only be used with countries like China to lower trade barriers and expand trade exports.

“The better path for American growth is to lower taxes, roll back regulations, unleash American energy [and] focus on the policies that we advance in our four years,” he said.

Tariffs aside, Pence said he credits Trump with a strong start in his second term.

“They’re making great progress on making the Trump-Pence tax cuts permanent. We’ve seen this administration secure the border after the worst border crisis in American history under President Joe Biden. We’ve seen its military recruitment up in all branches,” Pence said, but again slighted his economic policy.

“Look, I know President Trump better than his most ardent defenders. I believe he understands how markets work,” Pence said. “He understands what makes the economy prosperous, he understands America's role as leader of the free world. I’m going to be a voice to continue to encourage him to follow those same instincts on the economy.”

Pence also said he was sending good wishes to former President Joe Biden after learning about his cancer diagnosis last night. He said his family has gone through some of the same.

“Karen and I were deeply saddened to learn of former President Biden’s diagnosis. I lost my sister-in-law to colon cancer 15 years ago, and I know advance stage cancer of that nature is very, very difficult,” he said.

He added his prayers were with the former president and his wife as they go through his treatment and recovery process, as he knows so many other Americans are as well.