President Donald Trump announced new tariffs against products imported from Mexico late Thursday, saying in a tweet that they would stay in effect until the illegal immigration problem was solved. "On June 10th, the United States will impose a 5% Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and into our Country, STOP," Trump said. "The Tariff will gradually increase until the Illegal Immigration problem is remedied at which time the Tariffs will be removed. Details from the White House to follow." In a separate statement, Trump blamed Mexico for not doing enough to stop illegal immigrants from crossing into the U.S., saying "Mexico has not treated us fairly." Trump said the tariffs will rise to 10% on July 1 if the crisis persists, and by another 5% for every successive month up to 25% by Oct. 1, unless "Mexico substantially stops the illegal inflow of aliens coming through its territory." Dow Jones Industrial Average futures YM00, +0.55% and S&P 500 futures ES00, +0.57% both tumbled immediately after Trump's announcement. Mexico is America's third-largest trade partner, with $346.5 billion imported from Mexico in 2018, according to the U.S. Trade Representative.