Tariff Transparency Act of 2025

119 S959 IS: Tariff Transparency Act of 2025 U.S. Senate 2025-03-11 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 1st Session S. 959 IN THE SENATE OF THE UNITED STATES March 11 (legislative day, March 10), 2025 Ms. Alsobrooks (for herself, Mr. Wyden , Mr. Coons , Ms. Cortez Masto , Mr. Kaine , Mrs. Shaheen , Ms. Blunt Rochester , Ms. Rosen , Mr. Bennet , Mr. Schatz , Mr. Van Hollen , Mr. Warner , Mr. Blumenthal , Mr. Murphy , Mr. Welch , Mr. Schiff , and Mr. Kim ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To require the United States International Trade Commission to conduct an investigation and submit a report on the impact on businesses in the United States of duties, and the threat of duties, on imports from Mexico and Canada, and for other purposes. 1. Short title This Act may be cited as the Tariff Transparency Act of 2025 . 2. Investigation and report on additional duties imposed with respect to Mexico and Canada (a) In general Pursuant to section 332(g) of the Tariff Act of 1930 ( 19 U.S.C. 1332(g) ), the United States International Trade Commission shall conduct an investigation and submit to Congress a report on— (1) the impact on consumer prices of— (A) the 25 percent duties proposed or announced by President Trump with respect to imports from Mexico and Canada; and (B) the 10 percent duties proposed or announced by President Trump with respect to energy imports from Canada; (2) the impact on consumers, small businesses, farmers, and ranchers in the United States of any retaliation, including retaliatory duties and export restrictions, imposed by Mexico and Canada in response to duties imposed by President Trump; and (3) the impact on businesses in the United States of the threat of duties and associated uncertainty with respect to the trade relationship between the United States, Mexico, and Canada. (b) Elements The report required by subsection (a) shall contain the following: (1) A quantitative assessment of the impact of duties specified in subsection (a)(1) on consumer prices, which shall include an assessment of prices of the following: (A) Food, including food generally, but also broken down into subsections included in the monthly consumer price index report set forth by the Bureau of Labor Statistics, which includes meats, poultry, fish, eggs, dairy, fruits and vegetables, alcohol, frozen goods, and nonalcoholic beverages. (B) Energy, including electricity, transportation fuel, and heating, which shall include an analysis of regional price impacts. (C) Critical minerals. (D) Vehicles and related parts. (E) Shelter, including housing construction costs. (F) Medical goods, including pharmaceuticals and other products affecting the cost of health care. (G) Apparel and footwear. (H) Consumer electronics. (I) Farming inputs. (J) Defense manufacturing, including aerospace products. (2) A qualitative, and to the extent possible, quantitative assessment of the consequences on businesses in the United States of the persistent threat of duties and associated uncertainty with respect to the trade relationship between the United States, Mexico, and Canada that is created by arbitrary delays, pauses, and ad hoc sectoral announcements, which shall include impacts on the following: (A) Business investment, including research and development, capital deployment, expansion, and other matters. (B) Job creation and employment. (C) Contract cancellations. (D) Small businesses. (E) Producer prices. (c) Timing (1) In general Not later than one year after the date of the enactment of this Act, the United States International Trade Commission shall submit to Congress the report required under subsection (a). (2) Confidentiality The United States International Trade Commission shall remove any confidential business information from the findings and report submitted under paragraph (1).