“Right now, I see everything that Trump’s doing on tariffs as a negotiating tool,” said Sen. Chuck Grassley (R-Iowa), who saw farmers in his home state negatively impacted by retaliation from Trump’s first trade war with China. “And we’ll have to wait and see how successful he is about that.”

Officials from Mexico, Canada and China and major industry groups warned that U.S. President-elect Donald Trump's threat of hefty tariffs on goods would harm the economies of all involved, cause inflation to spike and damage job markets.