Vance says tax cuts will help inflation pain but aren't part of offsetting tariffs

• The tax bill is not complete, as it works its way through Capitol Hill, but the administration is confident it will pass.
• Experts say Trump's historic tariffs could raise prices for U.S. households — hitting low-income Americans the hardest — increase overall inflation and upend global trade.

Driving the news: Trump's tariffs are a "total shift in the way that we've done economic policy in the United States of America, but it was necessary," Vance said on "FOX & Friends" Thursday.

• "So, yeah, we're going to cut your taxes," he continued. "You're going to have more money in your pocket, and that's, of course, going to help you deal with the cost of inflation. But that's not about offsetting the tariffs."
• Asked about rising prices triggered by tariffs, Vance said the White House is working toward "the biggest deregulation in the history of this country" but stressed, "What I'd ask folks to appreciate here, is that we're not going to fix things overnight."
• But with the "right deregulation," he said, "people are going to see it in their pocketbook," claiming that Americans will also benefit from increased job security because "foreign countries can't take advantage of us anymore."

Between the lines: Even as the White House applauded their economic vision, consumer confidence slipped in March, a sign that all this tariff talk is rattling Americans.

• And Trump's newly announced "Liberation Day" tariffs, which include a 10% baseline tariff on U.S. imports along with heightened reciprocal levies from a slew of other nations, could prove to be a global economic earthquake.

Go deeper: Stock markets sink globally on Trump's tariff plan