RELEASE: Gottheimer Introduces New Legislation to Increase Transparency on Price Hikes from Trump’s Reckless Tariffs
Fighting to Protect Jersey Families and Small Businesses from Higher Prices
WASHINGTON, D.C. — Today, July 11, 2025, U.S. Congressman Josh Gottheimer (NJ-5) introduced the Tariff Impact Act, new legislation that would require the independent Congressional Budget Office (CBO) to review the economic impact of any future tariffs before they can go into place.
“Hardworking Jersey families shouldn’t be blindsided by higher prices from President Trump’s reckless tariffs,” said Congressman Josh Gottheimer (NJ-5). “From the beginning, I have been laser-focused on making life more affordable for Jersey families. My commonsense bill will bring much-needed transparency so families understand the real cost to their pocketbooks before new tariffs hit.”
Gottheimer’s new legislation comes as President Trump’s tariff whiplash has wreaked havoc on the economy, causing widespread uncertainty for families and small businesses. The tariffs mark the largest tax hike on families in a generation, with costs estimated to increase by at least $2,300 a year for Jersey families and businesses, according to a Yale University study.
The Federal Reserve has warned of slower growth and rising inflation — what Chair Jerome Powell called “tariff inflation” — and top economists from Moody’s and J.P. Morgan have estimated an increased risk of recession.
The list of original cosponsors on Gottheimer’s bill includes: Reps. Cleo Fields (LA-6), André Carson (IN-7), and Dina Titus (NV-1).
Find the text of the legislation here.
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