SPRINGFIELD – To give consumers key information about how federal tariffs are increasing retail prices, State Senator Steve Stadelman introduced a measure that would require retailers to show the cost of tariffs directly on a product’s price tag.

“Rising retail costs due to tariffs shouldn’t be hidden from consumers who are already facing a cost-of-living crisis,” said Stadelman (D-Rockford). “When tariffs impact retail prices, that information should be readily visible to consumers.”

When the prices of everyday goods begin to skyrocket, consumers deserve transparency about the reasons why their shopping has become more expensive. Under Stadelman’s proposal, consumers would be clearly informed – at the point of sale on the product itself – how much of the retail price stems from tariffs imposed at the federal level. The bill would also include exemptions for small businesses earning under $500,000 in annual revenue and for products where the tariff impact is under 2% of the retail price.

Analysts across the political spectrum have warned about the economic impact of the federal administration’s tariffs. They are a tax on importers – in this case, firms based in the United States – on goods brought in from abroad. Tariffs raise businesses’ costs by increasing the cost of their goods and firms typically pass some or all of those increases onto consumers.

“Families deserve transparency about the cost of tariffs driving up prices so they can make informed purchasing decisions,” said Stadelman. “This is an important policy for both Illinois consumers and businesses and I look forward to working on this measure in the months ahead.”

Senate Bill 2957 is currently awaiting assignment to a Senate committee.