'Truth in Tariffs Act' would require stores to display cost of tariffs on items

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A Maryland congressman introduced new legislation that requires major retailers to display the cost of tariffs on goods offering transparency for consumers.

Rep. Jamie Raskin, D-Md. proposed the bill on Thursday and says he wants it to highlight the "hidden costs of tariffs" and allows people to "make informed decisions," according to a release on Raskin’s website. 

RELATED: Trump suggests cutting tariffs on China to 80%

"President Trump has thrust our economy into turmoil, hiking up costs, roiling markets and leaving consumers and businesses reeling from the uncertainty and havoc wrought by his reckless Trump Tariffs," Raskin said in the release. 

What is the "Truth in Tariffs Act"?

Why you should care:

Under the act, Americans asked to pay more for the products they need will have even more decision-making power at places like grocery stores, car dealerships, and e-commerce marketplaces. 

The bill also protects consumers from "price-gouging" by guaranteeing that major retailers don’t use President Donald Trump’s tariffs as a reason to inflate prices more, per a release on Maryland Rep. Jamie Raskin’s website. 

"If the President and his Cabinet of billionaires are forcing Americans to pay a lot more for consumer goods, the people have a right to know just how much. His tariff charge is basically a national sales tax, and we always print the price of taxes on receipts," Raskin wrote on X Thursday.

Where do things stand currently with Trump’s tariffs?

Local perspective:

President Donald Trump suggested in a social media post that he may cut tariffs on China from 145% to 80% amid an ongoing trade war. 

Trump made the remarks ahead of a weekend meeting between U.S. officials and a high-level Chinese delegation in Switzerland, symbolizing the first major talks between the two countries since Trump started a trade war with tariffs on imports.