The "Truth in Tariffs Act" seeks to enhance consumer transparency by requiring sellers to clearly disclose the portion of a good's price that results from specific tariffs. This disclosure, termed a "tariff surcharge," must be displayed conspicuously to the consumer. The mandate applies to tariffs, including rate changes, that were imposed on an emergency or discretionary basis by the President and took effect on or after January 20, 2025. However, small business concerns are explicitly exempted from this transparency requirement. The Federal Trade Commission (FTC) is tasked with enforcing these provisions, treating any violation as an unfair or deceptive act or practice under the Federal Trade Commission Act. The FTC also has the authority to issue regulations necessary to implement the act.