Yes, Trump's wall will likely have long-lasting border effects. Relations with Mexico will likely by stilted by the symbol and intention behind the wall as well as the ridiculous statements about making Mexico pay for it. Relations with Hispanic Americans will likely be strained, as well given the implications of the wall and the racism and intolerance attached to it.
By building his boarder wall, Trump has begun isolating the U.S. from the rest of the world. Mexico is our third largest trade partner. This wall will break down the relationship between the U.S. and Mexico and trade will deteriorate. The wall will not stop with Mexico, other barriers will be created under the Trump administration.
Most people thought that Trump's plan to build a wall was just an empty campaign promise to pander to low-information voters. But sure enough, Trump is following through on his promise. Trump doesn't do anything that he doesn't do a good job of, so if he's going to build a wall, it'll be plated in gold.
It depends on what the goal is. Will it be harder for some immigrants to cross the border? Probably. But, I think The Trump wall is just optics, it's just politics. In reality it's nonsensical on so many levels. A wall is not the answer. Mr Trump's wall proposal was a simplistic tool to whip up rallies a thousand miles away where people don't understand the border.