Truth in Tariffs Act

Summary#

This bill requires sellers to show, in a clear and conspicuous way, the part of a good's price that is due to certain tariffs. That price portion must be labeled the "tariff surcharge." The rule takes effect 30 days after the law is enacted. Small businesses (as defined in the Small Business Act) are exempt from the requirement. The Federal Trade Commission (FTC) will enforce the rule by treating violations as unfair or deceptive acts under the FTC Act and may use its existing enforcement powers and rulemaking authority. The bill defines a "covered tariff" as a tariff (including a tariff rate change) imposed on an emergency or other discretionary basis by the President that entered into force on or after January 20, 2025.

What it means for you#

• Consumers: When you buy goods covered by the rule, sellers must show the portion of the price labeled "tariff surcharge."
• Sellers: You must display the tariff portion of a product's price unless you qualify as a small business under the Small Business Act.
• Small businesses: Sales by small business concerns are exempt from the display requirement.
• Federal Trade Commission: The FTC will enforce the requirement and can write regulations to implement the rule.

Expenses#

No publicly available information on estimated federal costs or on estimated compliance costs for businesses is provided in the bill text or metadata.

Proponents' View#

No publicly available information on proponents' stated views or legislative findings is included in the bill text or metadata.

Opponents' View#

No publicly available information on opponents' stated views or concerns is included in the bill text or metadata.