Truth in Tariffs Act

119 S1741 IS: Truth in Tariffs Act U.S. Senate 2025-05-13 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 1st Session S. 1741 IN THE SENATE OF THE UNITED STATES May 13, 2025 Mr. Schumer introduced the following bill; which was read twice and referred to the Committee on Commerce, Science, and Transportation A BILL To ensure transparency with respect to the impact of certain tariffs on the prices of goods, and for other purposes. 1. Short title This Act may be cited as the Truth in Tariffs Act . 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.