Tariff Transparency Act of 2025

ITC study of Mexico-Canada tariffs

If enacted, the bill would require the U.S. International Trade Commission (ITC) to investigate proposed tariffs and deliver a report to Congress within one year. The report would analyze a 25% duty on imports from Mexico and Canada and a 10% duty on energy imports from Canada. It would estimate consumer-price effects for many categories, including food (by BLS CPI subsections), energy (with regional analysis), critical minerals, vehicles and parts, shelter and housing construction, medical goods and pharmaceuticals, apparel and footwear, consumer electronics, farming inputs, and defense manufacturing. The ITC would also assess retaliation risks and effects on consumers, small businesses, farmers, and ranchers. The report would study how the threat or uncertainty of duties affects U.S. businesses, including investment, jobs, contract cancellations, small firms, and producer prices. The ITC must remove confidential business information before submitting the report.