Trump Tariff Transparency Act
Summary
The "Trump Tariff Transparency Act" mandates the Small Business Administration (SBA) to produce quarterly reports on the average aggregate cost of tariffs imposed after January 20, 2025, on consumers and small businesses. These reports, created in consultation with the Bureau of Economic Analysis, must be made publicly available. The final quarterly report of each calendar year will include the total annual cost of these tariffs.
Expected Effects
This act aims to increase transparency regarding the economic impact of tariffs. It will provide data to the public and policymakers about the financial burden tariffs place on consumers and small businesses.
Potential Benefits
- Increased transparency regarding the costs of tariffs.
- Provides data for informed decision-making by consumers and businesses.
- Enables policymakers to assess the economic impact of tariff policies.
- May lead to more informed trade policy discussions.
- Could help identify disproportionate impacts on specific sectors or regions.
Potential Disadvantages
- The act itself does not change existing tariff policies, only reports on them.
- The cost of preparing the reports may be a burden on the SBA.
- The reports may be subject to political interpretation or manipulation.
- The data may be backward-looking and not reflect current market conditions.
- The reports may not capture the full complexity of tariff impacts.
Constitutional Alignment
The bill aligns with the constitutional principle of transparency and accountability. Congress has the power to legislate on matters of commerce and to oversee the executive branch. Requiring the SBA to report on the costs of tariffs is within Congress's purview.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).