Transcript for GOP Senators warn Trump about Mexico tariffs
And we begin with the so called. Republican revolt against president Trump's plan to slap new terror of some products from Mexico overnight ABC news learned the trump administration is now considering whether to declare a national emergency. To justify the terrorist. Even top Republicans are showing little support for the tariffs. While lawmaker caused them a tax increase that would wreak Havoc on the US economy. This morning there's a growing confrontation on tariffs between president trump and his own party welders. Not much supported not conference for terms it sure. The president is promising to slap a 5% tariff on all Mexican goods starting Monday. Unless he satisfied with Mexico's attempts to stem the flow of migrants crossing the border. The chair of could rise to 25%. In the coming months. Top Republicans are now warning the trump administration not to move forward with a plan fearing the impact on American consumers and if we go to a point about ocean there. That's a whole different story to her are commonly banned. Republican lawmakers are now suggesting they may have a veto proof majority to stop the president. During his trip to London the president said the effort to block the terrorist by republicans' would be quote foolish. There's nothing more important than borders I've had tremendous Republican support. I have a 90% 94% approval rating as of this morning in the Republican Party that's an all time record can you believe that isn't something I love records. The tariffs would increase the cost of consumer products from Mexico items from washing machines to pro -- like avocados. Triple A says it could cost the company fifteen million dollars a year. Likely forcing it to raise menu prices one economist says the terrorists could amount to one of the largest tax increases in decades. This 5% tariff will go on top of the other tariffs that the president has either enacted or threatened. Add up to be one of the largest tax increases in the last thirty years off. House Speaker Nancy Pelosi now suggesting congress should act first to prevent terrorists from taking effect intact. Senate Minority Leader Chuck Schumer predicts a president won't go through with this threat I believe that he will back off. When faced with the opposition. Among. Business among his own Republicans. And when he sees what a dumb movie is made but overnight the president's firing back on Twitter calling Schumer Oak Creek. And saying the senator would rather have our country fail would drugs and immigration and give Republicans a win. But he gave Mexico bad advice no bluff the statement coming as the so called Republican revolt gained steam the president United States is very Smart man. They're known to play were far. But not laughing rebuttals. And high level talks of Mexican officials are expected today in Washington. Meanwhile the Federal Reserve has indicated it may cut interest rates if any trade disputes sold on the economy.
This transcript has been automatically generated and may not be 100% accurate.