New Transparency Act Requires Quarterly Reports on How Much Tariffs Cost Consumers and Small Businesses

If you’ve ever wondered exactly how much those import taxes—the tariffs—are adding to the price of everything from your next car part to the tools your local contractor uses, this bill aims to give you a clear answer. The “Trump Tariff Transparency Act” is straightforward: it mandates regular, public reporting on the economic bite of new tariffs.

The Cost of Trade, Calculated

This bill tasks the Administrator of the Small Business Administration (SBA), in consultation with the Bureau of Economic Analysis (BEA), with producing a detailed, public report every three months. The focus is specific: they must calculate the “average aggregate cost” of tariffs that get imposed after January 20, 2025. Crucially, this cost has to be broken down specifically for both American consumers and small business concerns, which are defined by the Small Business Act (SEC. 2).

Think of it this way: if a new tariff goes into effect on imported electronics components, the SBA/BEA will have to crunch the numbers and tell us, in dollars and cents, what that tariff is adding to the cost of those components for your local repair shop, and what it’s adding to the final price tag for you when you buy a new appliance. The first of these reports is due within 90 days after the bill becomes law, setting a brisk pace for implementation.

Why This Matters to Your Wallet and Your Boss

For the average consumer, this is a massive win for transparency. Tariffs are essentially hidden taxes, and they often get passed along to the buyer. This bill pulls back the curtain, giving shoppers and economic analysts concrete data on the real-world impact of trade policy decisions. If you’re budgeting for rising costs, knowing exactly how much of that increase is due to a specific policy change provides critical context.

For small business owners, especially those who rely on global supply chains—like a local manufacturer using imported raw materials, or a retailer sourcing specialized goods—this data is gold. It helps them understand and anticipate their input costs. While the SBA and BEA will certainly have an increased workload, the benefit is providing verifiable data that allows Main Street businesses to make informed decisions instead of just guessing about the financial impact of trade policy. The bill also requires an annual summary report, consolidating the total yearly cost, making the big picture even clearer (SEC. 2).

Keeping the Focus Sharp

One key detail to note is the implementation date: the reporting only covers tariffs imposed after January 20, 2025. This means the reports will provide excellent, timely data on future trade policy decisions, but they won't cover tariffs already in place before that date. Regardless, by mandating clear, quarterly reporting on who is paying the price for new trade policies—the consumer and the small business—this act ensures that future tariff decisions come with a mandatory, public price tag attached.