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With a call to arms against Mexico, China and the Common Core, 1968 Wharton graduate and business mogul Donald Trump entered the 2016 presidential race on Tuesday. 

Trump, 69, who had wavered in 2008 and 2012 before ultimately choosing not to run, said he was "officially running" this time during a nearly 45-minute speech at Trump Tower in New York City. 

Trump began his campaign on the attack — tossing insults at former Florida governor Jeb Bush for supporting Common Core educational requirements and at President Obama for his health care plan. 

He had some harsh words for Mexico in particular. 

"When Mexico sends its people, they’re not sending their best," he said on Tuesday. "They’re bringing drugs. They’re bringing crime. They’re rapists."

Trump further suggested building a Great Wall on the Mexico-U.S. border and having Mexico foot the bill.

"I will build a great, great wall on our southern border," he said. "And I will have Mexico pay for that wall."

Despite his vast wealth and name recognition, Trump faces bad odds in a crowded field of 11 other Republican candidates, with former Wisconsin Gov. Scott Walker and New Jersey Gov. Chris Christie expected to enter soon.

He does stand out among Republican candidates who have downplayed their personal fortunes by flaunting his own wealth. Near the end of his speech, Trump held up a piece of paper that calculated his net worth to be $8.7 billion. 

A Quinnipiac University poll taken last month found that nearly 70 percent of participants held an unfavorable view of Trump, the highest percentage of all Republican candidates. 

Trump still has not filed official documents with the Federal Election Commission to declare his candidacy, but he said he intends to do so before the filing deadline at the beginning of July. 

The Democratic National Committee responded to Trump's announcement with a tongue-in-cheek press release. 

"He adds some much-needed seriousness that has previously been lacking from the GOP field, and we look forward to hearing more about his ideas for the nation," spokeswoman Holly Shulman said in the statement. 

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