Trade war is back on as White House floats a new minimum 10% tariff plan—with carveouts for coffee, beef, and microchip suppliers
The Trump administration has proposed new import tariffs of 10% or 12.5% on 60 trade allies, citing failures to address forced labor in goods. Certain countries, including Canada and Mexico, may face a lower tariff rate, while others like China and India will incur higher rates. The plan includes exemptions for essential food items and materials critical for AI infrastructure, reflecting concerns over inflation and affordability for American consumers.
- ▪The United States Trade Representative announced new tariffs on trade partners for failing to manage goods produced with forced labor.
- ▪Countries that have made commitments against forced labor will face a 10% tariff, while others will see a 12.5% increase.
- ▪The new tariffs come as the U.S. government faces a $129 billion repayment due to a Supreme Court ruling against previous tariffs.
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| Original publisher | Fortune |
| Canonical URL | https://fortune.com/2026/06/03/trade-war-new-tariff-plan-trump-food-inflation-chip-shortage/ |
| Publication time | Wed, 03 Jun 2026 11:09:11 +0000 |
| Retrieval time | 2026-06-03T11:27:03.561Z |
| Last seen | 2026-06-03T11:27:03.561Z |
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Opening excerpt (first ~120 words) tap to expand
President Trump’s team is once again ruffling international feathers with a new plan for import tariffs imposed on 60 trade allies, facing levies of either 10% or 12.5%. In an update released overnight, the United States Trade Representative claimed a number of trade partners had failed to effectively handle goods produced with forced labor, which were therefore subject to action under Section 301(b) of the Trade Act.“The failure of our most important trading partners to address the importation of goods made with forced labor is unacceptable. This creates a dynamic where American workers are forced to compete globally on an unlevel playing field,” said Ambassador Jamieson Greer in a statement released late last night.
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