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,

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.

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.

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.

German auto giant Volkswagen is feeling the effects of President Trump's tariff policy. An EU-US trade deal can't come soon enough for the Wolfsburg-based automaker.