Former Vice President Mike Pence believes that a new tariff plan announced by President Donald Trump would not be so liberating.

On Wednesday, dubbed “Liberation Day” by Trump, the president revealed a plan to implement up to 50% reciprocal tariffs on several countries that export goods to the U.S.

But according to Pence and his organization, Advancing American Freedom, the proposed plan is the “largest peacetime tax hike in U.S. history” and could cost families up to $3,500 a year.

“President Trump was elected to restore America’s economy after four years of Bidenflation,” the organization said in a release. “However, Trump’s tariff taxes could cost American families thousands of dollars a year, destroy American jobs, and potentially lose conservatives their governing majority.”

The countries that will see increased taxes on imports include showing the United States would charge include China at 34%, the European Union at 20%, South Korea at 25%, Japan at 24% and Taiwan at 32%.

According to the Associated Press, business leaders are warning that Trump’s tariff plan could lead to higher costs to U.S. consumers.

But the Trump administration contends the tariffs will usher in a new, more equitable, era for trade and benefit businesses and consumers.