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’s tariff policies have taken numerous twists and turns this year. His latest plan is to raise levies on scores of nations on Aug. 7.Among big trading partners, tariffs on India will rise to 25%.

Trump on Thursday announced higher tariffs — again — on just about every country in the world. Even as some countries’ tariff rates came in lower than they had feared, practically all goods coming in to the United States face a significantly higher tax than when Trump took office in January.