MEXICO TARIFF THREAT: What you should know

A 5% tariff kicks in starting June 10, with the president threatening an additional 5% increase every month, up to 25%.

In a statement, President Trump said, "If the illegal migration crisis is alleviated through effective actions taken by Mexico, to be determined in our sole discretion and judgement, the tariffs will be removed."

Watch the video above for more information on these potential tariffs.