The purpose of this legislation, known as the Trump Tariff Transparency Act, is to increase transparency regarding the financial impact of tariffs on consumers and small businesses. It aims to ensure that the public has access to information about how these tariffs affect costs, helping to inform both policymakers and the general public. The key provisions of the Act require the Administrator of the Small Business Administration to produce and publish a report on the average costs of tariffs imposed after January 20, 2025.