Trump announced on Thursday night that beginning on June 10, a 5% tariff would be imposed on all goods coming into the U.S. from Mexico "until such time as illegal migrants coming through Mexico, and into our Country, STOP."
Trump took to Twitter on Saturday to share his thoughts on the tariff plans, saying that "the word TARIFF is a beautiful word" when "foreign countries have been robbing and deceiving for years."
Under the plan, the tariffs on all goods would begin at 5% on June 10 but jump 5% each month, growing as high as 25% by October unless Mexico takes action to "dramatically reduce or eliminate the number of illegal aliens crossing its territory into the United States," a White House statement from earlier this week said.
The tariffs could potentially hit American consumer's pockets the most, affecting prices on everything from cars to avocados to air conditioner parts.
“These tariffs, unlike previous tariffs that we’ve seen, where they’re targeted maybe at particular imports, these are broad based,” said Neil Bradley, the executive vice president for the pro-business U.S. Chamber of Commerce, earlier this week.
"The White House is right, there’s a real problem at the southern border. Unfortunately, tariffs won’t do anything to solve that problem and what we don’t want to do is see self-inflicted pain on American families and our economy when that pain won’t do anything to solve that very real problem," Neil Bradley, the executive vice president for the pro-business U.S. Chamber of Commerce said.
Mexico's president Andrés Manuel López Obrador called Trump's tariffs proposal a "provocation," but Trump has not spoken to him directly, according to White House press secretary Sarah Sanders.
ABC News' Rachel Scott, John Santucci, Katherine Faulders, Megan Hughes and Anne Flaherty contributed to his report.