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.

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.