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,

As the deadline for the start of 30 percent tariffs on the EU, Cecilia Malmstrom, former European Commissioner for Trade, explains the scope and scale of the EU-US trading partnership and what's at stake if a deal isn't reached.

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

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

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.

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