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

Trump underscored his intention to use tariffs as a tool of international economic policy and an increasingly vital source of government revenue.

As U.S. President Donald Trump mulls imposing 25% duties on imports from Canada and Mexico on Feb. 1, focus has shifted to the sectors likely to bear the brunt of the tariffs. About 28%, or about $844 billion,