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

President Trump just announced new 30% tariffs on European Union goods. That means many items from Europe will get more expensive in the U.S. We’re talking about wine, cheese, pasta, cars — and even some medicines. Italy’s wine industry says the tariff could block 80% of Italian wine exports.

The US and European Union agreed on a hard-fought deal that will see the bloc face 15% tariffs on most of its exports, including automobiles, staving off a trade war that could have delivered a hammer blow to the global economy.

The U.S. and European Union agreed on trade terms that include a 15% rate on most EU products as well as hundreds of billions of dollars of investments in American industry. President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out the agreement.

The EU is ready to counter with tariffs on $140 billion worth of US goods if no deal is reached. Read more at straitstimes.com. Read more at straitstimes.com.

Trump has periodically railed against the European Union saying it was 'formed to screw the United States' on trade.

President Trump plans to impose 30% tariffs on EU imports starting August 1, prompting French dairy leaders to warn of 'disastrous' impacts on their exports.

TURNBERRY, Scotland, July 27 (Reuters) - European Commission President Ursula von der Leyen met U.S. President Donald Trump on Sunday to clinch a trade deal that would likely result in a 15% tariff on most EU goods, but end months of uncertainty for European Union companies.

Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”

European Commission President Ursula von der Leyen on Sunday (July 27) said a U.S. baseline tariff rate of 15% on imported EU goods would apply to cars, semiconductors and pharmaceutical goods. She also said that a zero-for-zero tariff rate had been agreed for certain strategic products,

Economists had already downgraded growth for the European Union, and the new duties would hit industries there especially hard. Companies are looking for ways to blunt the impact.