@Mykinsa Welcome to the forum!

That looks like an ATF cooler line to me. I would not just snip the end but would rather purchase a new hose. I am sure the whole hose is probably needing to be replaced if its leaking in one spot.

 

@Mykinsa, I agree with @maller01, I had a similar leak with my 2001. I went to the dealer and purchased 2 x new ATF Cooler lines and replaced both. Keep in my vehicle has 220,000 miles when this was fixed. So the lines were factory lines....They're of the correct size and correct bend and correct length.

 

Why is it leaking?

Older hoses tend to lose their resilience so simply clipping off the end may not work for you. Bulk transmission cooler hose is available for sale at parts stores. NAPA carries versions made by Gates, I believe.

Transmission Oil Cooler Hose

Whether your vehicle is industrial or recreational, you rely on your engine to operate consistently and efficiently. Don’t take chances when it comes to your oil systems - trust Gates to deliver safe, reliable engine hoses and components, guaranteed to help your trucks, vintage model cars, and...

www.gates.com

 

Looks like your steering knuckle could be rubbing the line.
I found that happening on mine when I did the motor swap.
There’s supposed to be clamps holding it away from the knuckle underneath the motor that were missing on mine.
Im sure some previous work was done and the mechanic never put them back on.