Truth in Tariffs Act
Officially: “Truth in Tariffs Act” Read the full text
What it does
Read it in plain language
1Short title
This section would give the Act the short title "Truth in Tariffs Act."
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1. Short title This Act may be cited as the Truth in Tariffs Act .
2Tariff impact transparency
Starting 30 days after this section is enacted, and subject to the small business exemption below, no person could sell a good to a consumer in the United States without displaying to that consumer, clearly and conspicuously, the portion of the good's price that comes from a covered tariff. That portion would have to be labeled to the consumer as the "tariff surcharge." This requirement would not apply to a sale made by a small business concern, as that term is defined in section 3 of the Small Business Act (15 U.S.C. 632). A violation of this section or of any regulation issued under it would be treated as a violation of a rule defining an unfair or deceptive act or practice under section 18(a)(1)(B) of the Federal Trade Commission Act. The Federal Trade Commission would enforce this section and its regulations using the same jurisdiction, powers, duties, and procedures it has under the Federal Trade Commission Act, as though that Act's terms were incorporated into this one. A person who violates this section or its regulations would be subject to the same penalties, and would receive the same privileges and immunities, as provided under the Federal Trade Commission Act. Nothing in this Act would limit the Commission's authority under any other law. The Commission could issue regulations, following the rulemaking procedure in section 553 of title 5, United States Code, as necessary to carry out this section. For purposes of this section, "Commission" means the Federal Trade Commission. "Covered tariff" means a tariff, including a change in a tariff rate, that meets both of the following conditions: it is imposed by the President on an emergency or other discretionary basis, and it took effect on or after January 20, 2025.
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2. Tariff impact transparency (a) Requirement Beginning on the date that is 30 days after the date of enactment of this section, subject to subsection (b), no person may sell to a consumer in the United States a good without displaying to such consumer, in a clear and conspicuous manner, the portion of the price of such good that is attributable to a covered tariff, which shall be identified to the consumer as the tariff surcharge . (b) Exemption The requirements of subsection (a) shall not apply to a sale made by a small business concern (as such term is defined in section 3 of the Small Business Act ( 15 U.S.C. 632 )). (c) Enforcement by the Commission (1) Unfair or deceptive acts or practices A violation of this section or a regulation promulgated under this section shall be treated as a violation of a rule defining an unfair or deceptive act or practice prescribed under section 18(a)(1)(B) of the Federal Trade Commission Act ( 15 U.S.C. 57a(a)(1)(B) ). (2) Powers of the Commission (A) In general The Commission shall enforce this section and the regulations promulgated under this section in the same manner, by the same means, and with the same jurisdiction, powers, and duties as though all applicable terms and provisions of the Federal Trade Commission Act ( 15 U.S.C. 41 et seq. ) were incorporated into and made a part of this Act. (B) Privileges and immunities Any person who violates this section or a regulation promulgated under this section shall be subject to the penalties and entitled to the privileges and immunities provided in the Federal Trade Commission Act. (C) Authority preserved Nothing in this Act shall be construed to limit the authority of the Commission under any other provision of law. (D) Rulemaking The Commission may promulgate, in accordance with section 553 of title 5, United States Code, such regulations as may be necessary to carry out this section. (d) Definitions In this section: (1) Commission The term Commission means the Federal Trade Commission. (2) Covered tariff The term covered tariff means a tariff, including a tariff rate change— (A) imposed on an emergency or other discretionary basis by the President; and (B) that entered into force on or after January 20, 2025.
Where it is
In the Senate.