Iowa corn and soybean prices fall as heavy new tariffs on major export buyers Canada, Mexico and China take effect

The tariffs imposed on imports from Mexico, Canada and China by President Donald Trump could have far-reaching consequences for consumers in Iowa.

Auriéle Tran has had an impressive first year for the Iowa gymnastics team. Despite the success, she has one simple goal for the rest of the season.  “Just keep having fun and doing the best I can,” said Tran.

As new tariffs on Canada, Mexico, and China officially took effect at 12:01 a.m. Tuesday. Iowa farmers are voicing concerns over the potential economic fallout.

Trump put 25% tariffs on goods from Canada and Mexico on Tuesday. Markets tanked. And by Thursday, he had decided to broadly lift them.

We need to work with our trading partners, identify issues that are important to our farmers and consumers around the world," said Aaron Lehman.

At one minute past midnight this morning, President Trump imposed a 25-percent tariff on all goods being brought into the U.S. from Canada and Mexico, Iowa’s two largest trading partners. Iowa Senator Chuck Grassley predicts it will likely mean Iowa consumers will soon start having to pay more for a wide range of products.

President Trump claims his tariffs on trade partners Canada, Mexico and China will benefit American farmers. Some in the ag industry are still expecting to take a financial hit.

Canadian and Chinese officials say they were already helping reduce fentanyl smuggling. Prime Minister Justin Trudeau said fentanyl crossing the northern border is "near zero."

According to the American Farm Bureau Federation, U.S. farmers have lost money on “almost every major crop planted” in the last three years. “Adding even more costs and reducing markets for American agricultural goods,” federation president Zippy Duvall said in a statement, “could create an economic burden some farmers may not be able to bear.”

Iowa lawmakers on Thursday became the first in the nation to approve legislation that removes gender identity protections from the state's civil rights code. That's despite massive protests by opponents who say it could expose transgender people to discrimination in numerous areas of life.

Iowa Secretary of Agriculture Mike Naig met with farmers to discuss the agriculture economy as a new White House deal lowers potash tariffs from 25% to 10%.