The "No Gratuitous Overcharging for Ubiquitous Global Exports Act," or "No GOUGE Act," aims to prevent price gouging on goods subject to new or planned tariffs. It prohibits any person from selling or offering for sale a "tariffed good" at an unreasonably high price for five years following the imposition or announcement of a relevant tariff. A "tariffed good" includes final goods, goods assembled in the U.S. with tariffed components, or components themselves, as well as goods subject to a "planned tariff" announced by a senior federal official.

An "unreasonably high price" is defined as a price increase exceeding the direct costs generated by the tariff, plus certain additional costs that demonstrate the tariff was not a pretext for the increase. Notably, costs related to increased executive compensation or share repurchase programs are explicitly excluded from these additional costs. The baseline price for determining an increase is the average price of the good during the 180 days preceding the tariff's effective date or announcement.

The prohibition includes an exemption for entities whose ultimate parent entity earned less than $100 million in gross revenue from U.S. goods sales in the prior year, with this threshold adjusted annually for inflation. Furthermore, a presumption of violation arises for larger entities (over $1 billion in gross revenue) with "unfair leverage" during "tariff-related shock dates" if they raise prices. This presumption can be rebutted by clear and convincing evidence that the price increase is solely due to direct tariff costs and other legitimate expenses, again excluding executive compensation or share repurchases.

The Federal Trade Commission (FTC) is designated as the primary enforcement body, treating violations as unfair or deceptive acts or practices under the Federal Trade Commission Act. State attorneys general are also empowered to bring civil actions in federal or state courts to enjoin violations, enforce compliance, or seek damages on behalf of their residents, provided they notify the FTC. The bill explicitly states that it does not preempt or affect existing state or local laws.

To facilitate enforcement, the FTC is required to establish a mechanism for consumers to report potential violations through various means, including phone, mail, and website. Additionally, the United States International Trade Commission and the Bureau of Labor Statistics must jointly submit annual reports to Congress on the prices of goods sold by large companies, focusing on changes in tariffed goods' prices. The FTC must also submit annual reports detailing its enforcement activities and the impact of the Act on consumer prices for both tariffed and all goods.