Canada is Mississippi's largest trading partner and Mississippi would likely feel negative impacts from a 25% tariff on all goods coming from Canada.

The Bank of Canada said on Tuesday that if U.S. President-elect Donald Trump follows through on his threat of tariffs on Canada, it would have an impact on both economies and the central bank would incorporate those into its economic forecasts.

Trump's plan for tariffs against Canada and Mexico could dramatically raise prices for Americans and threaten a trade agreement negotiated by his own administration.