2024 Vice Presidential debate: Gov. Tim Walz vs. Sen. JD Vance: on Free Trade

JD Vance: Cut taxes; we'll take a lot of money with tariffs on imports

TW: You're not going to pay for it with these tariffs. That's just adding another $4,000 on the family and taking less. So not only do they not get the money to pay for that, they're $4,000 in the hole. That's Wharton School. That's his alma mater. When I go to businesses, sure, they'll talk about taxes sometimes. But they will lead with childcare and they will lead with housing, because we know the problem is we need more workers because our economy is growing, but we need the workforce.

JD Vance: Experts lied about cheaper goods from offshoring

Tim Walz: We need fair trading partners for soybeans and corn

VANCE: Experts for 40 years said that if we shipped our manufacturing base off to China, we'd get cheaper goods. They were wrong. Donald Trump said "we're not doing it anymore; we're bringing American manufacturing back."

WALZ: We need to have fair trading partners. That's something that we believe in. I think the thing that most concerns me on this is, is Donald Trump was the guy who created the largest trade deficit in American history with China. So the rhetoric is good. Much of what the senator said right there, I'm in agreement with him on this. I watched it happen, too. I watched it in my communities and we talked about that.

VANCE: So, appreciate that. So if you notice, what Governor Walz just did is he said, "First of all, Donald Trump has to listen to the experts." And then when he acknowledged that the experts screwed up, he said, well, "Donald Trump didn't do nearly as good of a job as the statistics show that he did."

WALZ: No, that's a gross generalization.

Tim Walz: Tariffs will add another $4000 in costs to families

JDV: We're going to be taking in a lot of money by penalizing companies for shipping jobs overseas and penalizing countries who employ slave laborers and then ship their products back into our country and undercut the wages of American workers. It's the heart of the Donald Trump economic plan. Cut taxes for American workers and American families. Cut taxes for businesses that are hiring and building companies in the United States. But penalize companies and countries that are shipping jobs overseas.