Here we go again.

ABC News reports the United States will slap a 5 percent tariff on all goods imported from Mexico effective June 10.

President Trump announced the new tariffs Thursday on Twitter, warning the tariffs would gradually increase until "the Illegal Immigration problem is remedied".

In response on social media, Democrats on the House Homeland Security Committee said, "The President of the United States has a severe lack of understanding when it comes to both immigration as well as basic economics. This is asinine."

Not all of the president's critics are liberals: “These tariffs, unlike previous tariffs that we’ve seen, where they’re targeted maybe at particular imports, these are broad based,” said Neil Bradley, executive vice president for the pro-business U.S. Chamber of Commerce.

The announcement has already had an effect on the economy: the stock market dropped Friday to its first losing month of 2019 in May, primarily due to the president's announcement.

The libertarian Reason Foundation calls the move "stunningly stupid" and questions whether the chief executive in fact has the legal authority to impose the tariffs.

[Sources: ABC News, Reason.com]