S. 959 — Tariff Transparency Act of 2025

This section directs the United States International Trade Commission (USITC), pursuant to 19 U.S.C. 1332(g), to investigate and submit a report to Congress not later than one year after enactment on (1) the impact on consumer prices of the 25 percent duties proposed or announced by President Trump with respect to imports from Mexico and Canada and the 10 percent duties proposed or announced with respect to energy imports from Canada; (2) the impact on U.S. consumers, small businesses, farmers, and ranchers of any retaliation, including retaliatory duties and export restrictions, imposed by Mexico and Canada; and (3) the impact on U.S. businesses of the threat of duties and associated uncertainty with respect to the U.S.-Mexico-Canada trade relationship. The report must include (1) a quantitative assessment of specified duties' impact on consumer prices for food (including meats, poultry, fish, eggs, dairy, fruits and vegetables, alcohol, frozen goods, and nonalcoholic beverages), energy (including electricity, transportation fuel, and heating, with regional analysis), critical minerals, vehicles and parts, shelter (including housing construction costs), medical goods (including pharmaceuticals), apparel and footwear, consumer electronics, farming inputs, and defense manufacturing (including aerospace products); and (2) a qualitative (and to the extent possible, quantitative) assessment of such threat and uncertainty's consequences for U.S. business investment (including research and development, capital deployment, and expansion), job creation and employment, contract cancellations, small businesses, and producer prices. The USITC must remove confidential business information from the report.