Europe's $72 Billion Tariff Crossfire Is Coming

Brussels is ready to hit back at U.S. tariffs with about 72 billion euros in import duties on American goods. The list spans everything from jumbo jets to bourbon bottles.

It started as a near-95 billion-euro proposal but was trimmed after industry and member-state talks. Now it focuses on industrial machinery, autos from Detroit and Germany, agrifood staples and even musical instruments and toys.

Come August 1 both sides could be slapping on higher duties and everyday pricesfrom your morning coffee to weekend road tripsmight climb. Investors will be watching to see if this turns into a drawn-out fight or if a compromise cools things down.

Diplomatic volleys are about to dominate headlines. A breakthrough deal could calm markets and spare companies from extra costs. If not, prepare for bumpier conditions both on Wall Street and in your wallet.