The Truth in Tariffs Act requires businesses to clearly display to consumers how much of a product's price is due to tariffs imposed by the President on or after January 20, 2025. The law applies to most sellers but exempts small businesses, giving retailers 30 days after the law's enactment to comply. The Federal Trade Commission will write rules to implement the transparency requirement and enforce it as a consumer protection violation, with authority to penalize companies that don't comply. The bill aims to give shoppers visibility into tariff costs rather than having those charges hidden in the final price.