This bill mandates the commissioner of management and budget to conduct a comprehensive study on the economic impact of tariffs on Minnesota households and businesses. The study will focus on tariffs imposed by the U.S. government and any retaliatory tariffs from other countries, assess the economic uncertainty stemming from frequent tariff changes, and quantify the economic effects on households by income level and on businesses by sector and size, including agriculture, manufacturing, and small businesses.

Additionally, the commissioner is required to submit a report by February 1, 2026, which will include a plan aimed at mitigating the adverse effects of tariffs on Minnesota's economy. This report must be presented to the relevant legislative committees overseeing state government finance. The costs associated with this study will be covered within the budget appropriated to the commissioner for the fiscal year 2025.