This legislation aims to mitigate the economic impact of certain import duties on small businesses and prevent price gouging on affected goods. It establishes an exemption for small business concerns from duties imposed by the President under section 122 of the Trade Act of 1974, referred to as "covered duties." Furthermore, it requires the President to refund any such duties previously paid by or for small businesses within 90 days of the Act's enactment. A key provision of the bill prohibits any person from selling "covered goods" at an unreasonably high price for five years after a duty takes effect or is announced. An unreasonably high price is defined as one that exceeds the direct costs generated by the duty plus other justifiable additional costs, ensuring the duty is not used as a pretext for price increases. This price gouging prohibition applies regardless of a person's position in the supply chain, though small businesses are explicitly exempt from this specific prohibition. The bill introduces a presumption of price gouging violation for non-small businesses that possess "unfair leverage" and increase prices after a "duty-related shock date." Unfair leverage is generally defined as not being a small business or meeting other characteristics set by the Federal Trade Commission (FTC). This presumption can be rebutted if the price increase is demonstrably attributable to direct duty costs and other legitimate additional costs. The Federal Trade Commission (FTC) is tasked with promulgating necessary regulations and enforcing the price gouging provisions, treating violations as unfair or deceptive acts. State attorneys general are also empowered to bring civil actions to enjoin violations, seek damages, or obtain other relief on behalf of their residents. The bill also mandates the FTC to establish a mechanism for consumers to report potential violations and conduct investigations. Finally, the legislation requires annual reports to Congress from the U.S. International Trade Commission and the Bureau of Labor Statistics on price changes for covered goods, especially those sold by non-small businesses. The FTC must also submit annual reports on its enforcement activities and the impact on consumer prices. These reports aim to monitor the effectiveness and consequences of the Act's provisions.