Senator Chuck Grassley said fears of trade wars caused by new tariff policies has caused the price of Iowa soybean farmers' crop to drop dramatically. The Iowa Senator called the impact "catastrophic" for crop prices.

This is a major concern for all of Iowa, and here's why:

Along with farmers, other businesses are feeling the sting. According to CBS2 News, Corridor Business Journal Editor Adam Moore says "some businesses are already seeing an increase in costs and will eventually have to decide whether to pass those along to their customers."

The impact of these new trade and tariff policies is now hitting Iowa manufacturers like Eco Lips. Founder Steve Shriver is concerned about higher costs and hopes there may be time for markets to stabilize before price increases become necessary.

Fears of rising inflation that could lead to recession is the primary concern among small business owners, farmers and consumers alike.  With the uncertainty of further tariffs or trade restrictions, it's really anyone's guess how negatively the economy will be impacted.  But one thing is almost certain. Markets like stability, and things are starting to become less stable for nearly everyone.

[source: CBS2 News]