Former VP Mike Pence critiques Trump tariffs alongside NC business leaders
Former Vice President Mike Pence spoke out against President Donald Trump’s wide-ranging tariffs Monday at an event with North Carolina business leaders.
“The president always says that countries that sell into America have to pay,” Pence said. “... But the truth, I think, as we’ll hear today, is (it’s) ultimately, for the most part, American consumers that will pay the price of higher tariffs.”
The comments by Trump’s former vice president, an Indiana Republican, came at a roundtable discussion hosted by the conservative John Locke Foundation in Raleigh. He was joined by a variety of area business leaders and conservative activists who all warned of potential economic disruption from the president’s tariffs.
Last month, Trump announced what he described as “reciprocal” tariffs on all countries importing to the United States — starting at 10%, though that rate was higher on many countries, including Canada and China. Since then, the administration has altered the tariffs several times, excluding certain electronics and carmakers from the policy and pausing other tariffs.
After Walmart said it expected to raise prices in response to the tariffs, Trump railed against the decision on Truth Social.
“Walmart should STOP trying to blame Tariffs as the reason for raising prices throughout the chain,” he wrote. “Between Walmart and China they should, as is said, ‘EAT THE TARIFFS,’ and not charge valued customers ANYTHING. I’ll be watching, and so will your customers!!!”
At Monday’s event, Art Pope, a longtime conservative donor and owner of the discount store chain Variety Wholesalers, took issue with this proposition.
“It’s not a question of whether or not we eat it,” Pope said. “It’s a question of whether or not we stay in business or go bankrupt.”
Panelists also expressed concern about the uncertainty of the administration’s plan for tariffs. Trump has frequently changed course on the issue, most recently agreeing to substantially lower the tariff rate with China to 30% from his initial plan of 145%. Such frequent disruptions to the economy make it difficult to plan for investments, they said.
Earlier this year, Pope’s company acquired over 200 Big Lots stores after the company had announced it planned to close them. At Monday’s event, he said he based the business decision on Trump’s campaign promise to institute 20% tariffs on most countries — a figure which has varied wildly since Trump took office.
“We relied on what President Trump had campaigned on,” said Pope, a UNC Board of Governors member who previously served in the state legislature and as former Gov. Pat McCrory’s budget director. “... That may turn out to be a terrible investment under this current environment.”
Panelists also warned the tariffs could create quality issues for consumers.
Bob Luddy, founder of CaptiveAire Systems, a North Carolina-based kitchen ventilation company, said that he sources components from Italy, France and China — all of which could be impacted by tariffs.
“Were we to make any changes in those components, it would cause huge quality problems,” Luddy said. “... When you interfere with the free market, when you have no idea how it works, you cause enormous distortions — all negative.”
Monday’s event was co-hosted by Advancing American Freedom, a conservative think tank created by Pence. The group’s president, Tim Chapman, said that while many conservatives support the Trump administration’s policies, tariffs are the one action that they can’t defend.
“This policy is very bad for the very people who put this president in office, for working-class people across this country,” he said.
Despite his criticisms, Pence, who said he knew Trump “better than his most ardent defenders,” repeatedly said that he believed Trump sincerely sought to improve the American economy with his tariffs.
“I don’t question his sincerity,” he said. “But I think the long and unbroken history of this country proves that trade has benefited the American people.”
This story was originally published May 19, 2025 at 1:27 PM.
