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.

Your guide to what Trump’s second term means for Washington, business and the world Donald Trump made two big public announcements on the day he launched a battery of new tariffs and upended the global trading order: one about a new ballroom at the White House and another about sports.