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.

Despite promising no further extensions, President Trump’s tariff will go into effect a week later than his self-imposed August 1 deadline, adding further uncertainty.