Here is a breakdown of the finances needed for Trump's wall

A mural of U.S. President Donald Trump is displayed on the side of a home on Jan. 27 in Tijuana, Mexico.
Source: Justin Sullivan/Getty Images
A mural of U.S. President Donald Trump is displayed on the side of a home on Jan. 27 in Tijuana, Mexico.
Source: Justin Sullivan/Getty Images

One of President Donald Trump’s central campaign promises was to build a wall along the entire Mexican border. Just over a week into his time in office, he's already working to fulfill that promise. But a number of questions remain, including the question of how the wall will be financed.

Workers continue work raising a taller fence in the Mexico-US border separating the towns of Anapra, Mexico and Sunland Park, New Mexico.
Source: Christian Torres/AP

How much will the wall cost?

As for the cost of the wall, estimates vary and are hard to pin down. There is already a fence along around 650 miles of the border, which cost around $3.9 million per mile for the tallest portions, CNN reports. A wall, though, is much more involved than a fence in terms of both raw materials and labor needed to erect the structure.

Senate Majority Leader Mitch McConnell projects that Trump’s wall would cost around $15 billion, which would come out to around $120 per taxpayer, according to CNBC. The Washington Post reported during the campaign that the cost could be closet to $25 billion.

People pass graffiti along the border structure in Tijuana, Mexico.
Source: Julie Watson/AP

How will the wall be paid for?

During his campaign, Trump promised that the Mexican government would be paying for the wall, but that has proven to be more complicated than he may have thought. One option that his administration has put forward since he’s been in office is a 20% tariff on Mexican goods in the United States – which would essentially pass the cost on to the American consumer, an idea that has not proven popular.

Other options for raising the money needed include raising border fees and visa charges and even collecting or taxing remittances – the money that Mexican immigrants in the U.S. send back to their families in Mexico, which total around $25 billion each year.

How likely are you to make Mic your go-to news source?

Ben Geier

Ben Geier is an experienced writer whose work has appeared in Fortune, The Columbus Dispatch, Time Magazine and various other outlets. He's covered every level of government as well as myriad business issues. Ben is based in Brooklyn and is a graduate of Northwestern University.

MORE FROM

Former Obama defense official: Russia hacks are "political equivalent of 9/11"

"I don't see much evidence of a response," Vickers added.

Groups spending millions to defeat Senate health care bill: "We win or lose over the next week"

"We've been hearing Republicans talk about repeal for seven years. It comes down to these next seven days."

CNN sent a sketch artist to Sean Spicer's off-camera press briefing

The sketch artist normally covers scenes from the Supreme Court.

The Trump administration just pulled funding from a group that fights white extremism

Right wing violence is heating up, and the Justice Department is looking the other way.

A new multimillion-dollar drive aims to get progressive young people to the polls in 2018

The new NextGen Rising campaign will sink money and people into boosting youth turnout.

White House condemns 'Julius Caesar' violence after hosting man who called for Clinton assassination

Shortly before condemning the 'Julius Caesar' assassination scene, the White House hosted a man who said Hillary Clinton should be shot by a "firing squad."

Former Obama defense official: Russia hacks are "political equivalent of 9/11"

"I don't see much evidence of a response," Vickers added.

Groups spending millions to defeat Senate health care bill: "We win or lose over the next week"

"We've been hearing Republicans talk about repeal for seven years. It comes down to these next seven days."

CNN sent a sketch artist to Sean Spicer's off-camera press briefing

The sketch artist normally covers scenes from the Supreme Court.

The Trump administration just pulled funding from a group that fights white extremism

Right wing violence is heating up, and the Justice Department is looking the other way.

A new multimillion-dollar drive aims to get progressive young people to the polls in 2018

The new NextGen Rising campaign will sink money and people into boosting youth turnout.

White House condemns 'Julius Caesar' violence after hosting man who called for Clinton assassination

Shortly before condemning the 'Julius Caesar' assassination scene, the White House hosted a man who said Hillary Clinton should be shot by a "firing squad."