Trump plans 25% tariffs on Canada, Mexico. What will it mean for Iowa's economy, farmers? Last time it left a $2 billion dent

Americans buy $900 billion a year in food, cars, TVs, toys, appliances and other goods from Mexico and Canada. The cost of these products could rise if President Trump carries out his threat to apply 25% tariffs.

Trump's new threat of tariffs on Canada and Mexico will hit far beyond autos and retail, with chemicals companies and freight rails key cross-border players.