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

The likelihood of an all-out trade war may have receded but not the trade-related volatility as stocks climbed.

Trump said in an Oval Office signing ceremony on Monday that his administration will impose a 25% tax on goods from Canada and Mexico that may come as soon as February 1 – a move that could raise prices for American consumers.