Official Summaries

Tariff Transparency Act of 2025

This bill requires the U.S. International Trade Commission to investigate and report to Congress on the impact of additional tariffs on imports from Canada and Mexico. (President Donald J. Trump issued executive orders on February 1, 2025, to impose an additional 25% tariff on most imports from Canada and Mexico. These tariffs applied to all imports, except for Canadian energy or energy resources, which have an additional 10% tariff.)

Specifically, the report must assess (1) the impact of these tariffs on consumer prices; (2) the impact of any retaliation (e.g., retaliatory tariffs and export restrictions) imposed by Canada and Mexico on U.S. consumers, small businesses, farmers, and ranchers; and (3) the impact of the threat of tariffs and associated uncertainty with respect to the trade relationship between the United States, Canada, and Mexico on U.S. businesses.

Current Full Text

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 959 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                 S. 959

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.


_______________________________________________________________________


                   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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tariff Transparency Act of 2025''.

SEC. 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).
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