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.

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.

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

Importers and exporters based in Texas have so far avoided the harshest effects of the trade war sparked by President Donald Trump’s tariffs on imports from a host of countries, but they could be in for a rude awakening come Monday.

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

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

Europe's largest car manufacturer Volkswagen is hoping investment commitments can help it negotiate further concessions on U.S. tariffs once Washington and the European Union strike a broad trade deal,

Citing European Union (EU) officials and diplomats, Reuters reported on Friday that the EU and the United States (US) could each a framework deal on trade this weekend. The deal will reportedly include a 15% baseline tariff on all European imports, alongside a potential 50% tariff on steel and aluminium imports.