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.

Commerce Secretary Howard Lutnick discusses the significance of the U.S. and EU agreeing to a trade deal on 'Special Report.'

Oil extended gains on Tuesday, lifted by hopes of improved economic activity after the U.S.-EU trade deal, a potential U.S.-China tariff truce and President Donald Trump's shorter deadline for Russia to end the Ukraine war.

(Reuters) -The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday.

US stocks were mixed Monday and the S&P 500 eked out a record high for the sixth day in a row as investors digested the announcement of a trade deal between Washington and Brussels.

Investors kick off a hectic week with stocks moving mostly lower after a U.S.-European Union trade deal, with a Fed meeting, jobs data and a deluge of corporate earnings on deck.

It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15% baseline tariff, while an improvement on the threatened rate of 30%, compares to an average U.S. import tariff rate of around 2.5% last year before Trump's return to the White House.