Trade Truth and Transparency Act
The Trade Truth and Transparency Act requires an annual public report analyzing how federal trade policies, including tariffs, affect in-state industries, workers, and communities. By assessing employment, costs, exports, and regional impacts, the Act grounds trade debates in clear, nonpartisan data. Its purpose is to give policymakers and the public an honest picture of how national trade decisions play out in the real economy.
Key Provisions
Annual Trade Impact Report. Requires a comprehensive yearly analysis of the economic effects of federal tariffs and trade actions on the state.
Interagency Collaboration. Directs revenue, agriculture, and workforce agencies to jointly produce the report.
Industry and Regional Analysis. Breaks down impacts by sector, geography, and supply chain role.
Public Hearings and Testimony. Requires public input from affected businesses, workers, and producers.
Nonpartisan Advisory Panel. Establishes a balanced panel of industry, labor, and academic experts to advise on methodology and findings.
Sunset and Review. Ensures the reporting requirement is periodically reexamined.
Model Language
Section 1. Short Title. This Act shall be known and may be cited as the “Trade Truth and Transparency Act.”
Section 2. Annual Trade Impact Reporting Requirement.
(a) The Department of Revenue or equivalent fiscal agency, in consultation with the Department of Agriculture and the Department of Workforce Development or their successors, shall prepare an annual “State Trade Impact Report.”
(b) The report shall analyze the economic effects of federal trade actions, including tariffs, on the state economy and shall include, to the extent practicable: (1) Estimates of increased input costs borne by businesses and producers; (2) Impacts on employment, including job losses or reduced hours; (3) Effects on exports, supply chains, and market access; (4) Secondary and downstream economic effects on related industries and regions; (5) Qualitative case studies or testimony from affected businesses, farmers, and workers.
(c) The report shall be submitted to the legislature and made publicly available no later than a date established by rule.
Section 3. Public Hearings.
(a) The administering agency shall conduct at least one public hearing annually to present findings from the State Trade Impact Report.
(b) The hearing shall provide an opportunity for testimony from affected stakeholders, including businesses, workers, agricultural producers, and local economic development officials.
Section 4. Trade Impact Advisory Panel.
(a) A nonpartisan Trade Impact Advisory Panel is established to advise on the preparation and content of the State Trade Impact Report.
(b) The panel shall consist of members appointed by the Governor or other appointing authority and shall include, at minimum: (1) Representatives of industries affected by federal trade actions; (2) Representatives of organized labor or workforce organizations; (3) Economists or trade experts from public universities or research institutions; (4) Representatives of rural, agricultural, or export-dependent communities.
(c) The panel shall advise on methodology, data sources, and interpretation of findings but shall not direct policy outcomes.
Section 5. Sunset and Review.
(a) This Act shall remain in effect through [insert year], unless reauthorized by the legislature.
(b) Prior to expiration, the administering agency shall submit a review assessing the usefulness of the reporting requirement and recommending continuation, modification, or termination.
Section 6. Effective Date. This Act shall take effect on [insert date] and apply beginning with the next annual reporting cycle.