Trump, on his first day in office, suggested he may do just that. Trump has threatened to impose 25% tariffs on all goods from Canada and Mexico on February 1 in response to what he views as inadequate border security failing to stop drugs and migrants from coming into the United States.

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

While much about the threatened tariffs is still unclear, experts predict they would be bad news for all three economies, with few winners.