US President Donald Trump announced intentions late Thursday to issue a 5 percent tariff on all goods entering the US from Mexico.

The president’s tariff is being issued in response to his perception that migrants from Latin America are continuously crossing the border into the US. Immigration has been a major issue for Trump since his 2016 campaign where he claimed the US would “build a wall” and “Mexico was going to pay for it.” The president has attempted on a few occasions to acquire funds from Congress, but has failed each time, which led to a government shutdown earlier this year.

Trump has stated the 5 percent tariff will formally take affect on June 10 and gradually increase until “the illegal immigration problem is solved.” At that point, the president will remove the tariff and return trade relations to the status quo. Friday morning Trump further justified his tariff claiming that Mexico has taken 30 percent of the US Auto Industry and called for Mexico to take action to “take back their country from drug lords and cartels.” Trump stated that the White House will issue more details, but the stock market has already seen negative effects from the announcement of the tariff.