President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE’s proposed tariffs on Mexican imports – an effort to pressure the country to halt the flow of migrants from Central America – could constitute the biggest tax hike on American consumers in nearly three decades, according to an analysis by the Tax Foundation.

The 5 percent tariff on Mexican goods is set to take effect June 10 and steadily increase until it reaches 25 percent “unless and until Mexico substantially stops the illegal inflow of aliens coming through its territory,” according to a statement from the White House Thursday.

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Existing tariffs in place against Mexico would increase revenues by $69 billion, or about 0.32 percent of gross domestic product (GDP), according to the right-leaning Tax Foundation. The 5 percent tariff would increase this figure to about 0.40 percent of GDP. Tax increases under then-President Bill Clinton William (Bill) Jefferson ClintonEpstein podcast host says he affiliated with elites from 'both sides of the aisle' Ruth Bader Ginsburg lies in repose at Supreme Court Business groups start gaming out a Biden administration MORE in 1993 led to revenues of about 0.36 percent of GDP, according to the Tax Foundation.

“The Tax Foundation model estimates that if the Trump administration imposes additional tariffs on automobiles and parts, additional tariffs on products from China, and tariffs on products from Mexico, GDP would fall by an additional 0.50 percent ($124.82 billion), resulting in 0.33 percent lower wages and 387,041 fewer full-time equivalent jobs,” the foundation states.

The Tax Foundation’s estimates only apply to the initial 5 percent tariffs. If the White House makes good on its threats of 25 percent on all Chinese and Mexican imports, the revenues would reach 1.45 percent of GDP, a figure last reached after a 1968 tax increase, according to the Treasury Department.

On Sunday, acting White House Chief of Staff Mick Mulvaney Mick MulvaneyOn The Money: House panel pulls Powell into partisan battles | New York considers hiking taxes on the rich | Treasury: Trump's payroll tax deferral won't hurt Social Security Blockchain trade group names Mick Mulvaney to board Mick Mulvaney to start hedge fund MORE said President Trump is “deadly serious” about following through on the Mexican tariffs