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

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 United States and the European Union agreed to a 15 percent base tariff after weeks of negotiations, which were among the Trump administration’s most difficult discussions.

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.

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.

European leaders and business groups said Trump's plan to put 30% tariffs on its goods would raise prices and in some cases act as an embargo on certain goods.

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.”

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.