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,

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

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.

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.

US stocks are floating near all-time highs as Wall Street maintains cautious optimism that Washington might ink more trade deals, avoiding a worst-case scenario of extraordinarily high tariffs and enabling the resilient economy to continue chugging along.