Tariff Transparency Act of 2025
The Tariff Transparency Act of 2025 would require the United States International Trade Commission (ITC) to investigate and prepare a comprehensive report for Congress on the effects of proposed or announced tariffs on imports from Mexico and Canada, as well as related energy tariffs from Canada. Specifically, the bill directs the ITC to assess how 25% tariffs on imports from Mexico and Canada and 10% tariffs on Canadian energy would affect US consumer prices, and to analyze how retaliation by Mexico and Canada (such as new duties or export restrictions) and the overall threat/uncertainty of tariffs would impact US consumers, small businesses, farmers, and ranchers, as well as the broader US economy. The report must quantify price impacts across major consumer categories, evaluate regional price effects, and provide qualitative (and where possible quantitative) assessments of the consequences for investment, employment, contracts, small businesses, and producer prices. The ITC must complete the report within one year of enactment and must redact confidential business information.
Key Points
- 1The ITC must conduct an investigation and report on the consumer price impacts of the proposed 25% duties on imports from Mexico and Canada, and the 10% duties on Canadian energy, as announced or proposed by the President.
- 2The report must analyze the potential retaliation and export restrictions by Mexico and Canada in response to US duties, and their effects on US consumers, small businesses, farmers, and ranchers.
- 3The report must assess the impact of the ongoing threat and uncertainty of duties on US businesses, including effects on investment, hiring, contracts, small businesses, and producer prices.
- 4The findings must include a quantitative assessment of price impacts across specific categories (food, energy, critical minerals, vehicles and parts, shelter, medical goods, apparel and footwear, consumer electronics, farming inputs, and defense/aerospace manufacturing) and a qualitative analysis of broader economic consequences.
- 5Timing and confidentiality: the ITC must deliver the report within one year of enactment and remove confidential business information from the public findings.