The European Union expects wine and spirits exported to the U.S. will face the baseline 15% tariff from Friday, as the clock runs down for levies to kick in. The U.S. and EU are ironing out the finer details of a trade agreement reached Sunday.

Europe is preparing for the onslaught of Donald Trump's latest tariffs, which are set to go into effect August first. EU leaders managed to bargain down Trump somewhat. But industry leaders say they're being forced to give away too much for too little.

President Trump signed an order imposing sweeping new reciprocal tariffs on imports from across the world. The tariff rates go into effect in a week.

President Donald Trump’s trade war faces a crucial test as a federal appeals court hears a challenge to his use of emergency powers to impose sweeping tariffs on imports.