EDINBURGH, Scotland (AP) — The United States and the European Union agreed on Sunday to a trade framework setting a 15% tariff on most goods, staving off — at least for now — far higher import duties on both sides that might have sent shock waves through economies around the globe.

The US and EU have struck a tariff deal that will avert a transatlantic trade war between the two sides but still impose American tariffs of 15 per cent on most imports from the bloc.