The "Tariff Transparency Act" mandates that retail establishments disclose the portion of a product's retail price that is attributable to tariffs and other import taxes. This disclosure must be made visible on price tags, online product pages, or printed receipts, ensuring consumers are informed about the impact of tariffs on their purchases. Retailers are also required to maintain records of tariff calculations and are subject to periodic audits to ensure compliance. Noncompliance can result in fines of up to $500 per violation.

Certain retail establishments are exempt from these requirements, specifically those generating less than $500,000 in annual revenue and products where the tariff-related price impact is less than two percent of the final retail price. The Director of the Division of Consumer Affairs will be responsible for developing regulations to implement the act, including the calculation and display of tariff portions in retail pricing. The act will take effect 90 days after enactment, with a phased compliance approach over the first year.