This bill mandates a study to assess the economic impact of tariffs on Minnesotans, specifically focusing on households and businesses within the state. An appropriation of funds from the general fund is designated for this purpose, with a specified amount allocated for fiscal year 2026. The study will analyze tariffs imposed by the United States and any retaliatory tariffs from other countries, aiming to quantify the economic effects on households categorized by income level and businesses classified by sector and size.

The commissioner of management and budget is tasked with conducting this study and is required to submit a report detailing the findings to the relevant legislative committees by February 1, 2026. This initiative reflects a proactive approach by the state government to understand the implications of tariff policies on its residents and economic landscape.