President Donald Trump told reporters at the Glasgow airport in Scotland on Friday that he will meet with the European Union on Sunday as the U.S. looks to strike a trade deal with them. He reiterated comments from earlier in the day that the U.

The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

The European Union is heading towards a trade deal with Washington that would result in a broad 15% tariff on EU goods imported into the U.S., avoiding a harsher 30% levy slated to be implemented from August 1,

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

With the Trump administration setting 15% as a floor for tariffs, companies and economists are warning of higher prices later this year.

In fact, the higher costs on imports has trickle-down consequences for Texas industries.

President Donald Trump's announcement of 30% tariffs on the European Union will have repercussions for companies and consumers on both sides of the Atlantic.

US stocks are floating near all-time highs as Wall Street maintains cautious optimism that Washington might ink more trade deals, avoiding a worst-case scenario of extraordinarily high tariffs and enabling the resilient economy to continue chugging along.