Former Senate Majority Leader Sen. Mitch McConnell acknowledged in an interview that aired Sunday on CBS' "60 Minutes" that President Donald Trump's tariffs on Canada and Mexico "will drive the cost of everything up."

"In other words, it will be paid for by American consumers," said McConnell, R-Ky. "I mean, why would you want to get in a fight with your allies over this?”

What You Need To Know

  • Sen. Mitch McConnell told 60 Minutes Sunday that tariffs "will drive the cost of everything up"

  • He questioned why the Trump administration is fighting with its allies

  • On Friday, President Trump confirmed he will enact 25% tariffs on imports from Mexico and Canada and a 10% tariff on goods from China

  • The tariffs will take effect Tuesday at 12:01 a.m. ET

On Saturday, Trump made good on an oft-repeated campaign promise — that he intends to tariff Mexico and Canada on its imports into the U.S. and will also tax China. Mexico will be tariffed 25%, as will Canada, with the exception of oil and gas, which will be taxed at 10%. Goods from China will also be tariffed 10%. 

The tariffs will take effect Tuesday at 12:01 a.m. EST.

Economists expect the new taxes to increase prices on everything from avocados, tomatoes and tequila to cars, gasoline, lumber, furniture, electronics, appliances and toys.

“This will be the golden age of America!” Trump posted on Truth Social media Sunday. “WILL THERE BE SOME PAIN? YES, MAYBE (AND MAYBE NOT!)."