What does Preamble of Truth in Tariffs Act do?

This bill, formally titled 'To ensure transparency with respect to the impact of certain tariffs on the prices of goods, and for other purposes,' aims to increase transparency regarding the effects of tariffs on goods prices.

What does SHORT TITLE. of Truth in Tariffs Act do?

This bill is formally titled the Truth in Tariffs Act.

What does TARIFF IMPACT TRANSPARENCY. of Truth in Tariffs Act do?

This section requires sellers to display the portion of a good's price attributable to a covered tariff, referred to as the 'tariff surcharge,' to consumers. This requirement does not apply to sales made by a small business concern. The Federal Trade Commission (FTC) is authorized to create regulations to implement this section. Violations of this section or related regulations are considered violations of the Federal Trade Commission Act regarding unfair or deceptive acts or practices. The FTC will enforce this section using the same powers and procedures as it does under the Federal Trade Commission Act. This section applies to sales occurring 30 days after the Act's enactment. A 'covered tariff' is defined as a tariff imposed by the President on an emergency or discretionary basis that entered into force on or after January 20, 2025. 'Small business concern' is defined according to section 3 of the Small Business Act.

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Truth in Tariffs Act

Last updated: 5/8/2025 · Introduced: 5/8/2025

Author: Jamie Raskin (D-MD)

TL;DR (AI)

This bill mandates sellers to disclose the portion of a good's price resulting from tariffs, known as the 'tariff surcharge,' to consumers.
Small businesses are exempt from the requirement to display tariff surcharges.
The Federal Trade Commission (FTC) will enforce this transparency requirement and can issue related regulations, treating violations as deceptive practices.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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