Expect to pay more for guacamole, snack foods, beer and tequila this summer.

President Donald Trump announced on Twitter on Thursday, May 30, that he will impose a 5% tariff on imported goods from Mexico starting June 10, and will "gradually increase" it by 5% each month up to October until "such time as illegal migrants coming through Mexico" stop.

Experts, including White House economic adviser Larry Kudlow, say American consumers can expect to pay the price as U.S. businesses pass on increased costs. The U.S. imported $346.5 billion worth of goods from Mexico in 2018, according to government data, meaning a 5% tariff will cost over $17 billion.

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Stocks plunged Friday after Trump's announcement. The Dow Jones Industrial Average dropped 300 points, the fell 1.2% and the Nasdaq Composite was down 1.3%.

Earlier this month, the Trump administration increased tariffs on $200 billion worth of Chinese products from 10% to 25%, which is expected to cost the average U.S. household $831 a year, according to a recent paper from the New York Federal Reserve.