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.

France denounced the trade agreement between the European Union and the U.S. as a "submission" on Monday though other EU states largely backed a deal they acknowledged was lopsided but which averts an economically damaging trade war with Washington.

Top officials from President Donald Trump’s administration are set to meet in Sweden with their Chinese counterparts for economic talks.

Questions, critiques and discrepancies are hanging over the framework agreement, but investors seem to view it as a win all the same.

"Economic growth in the euro zone will be affected, with estimates from international institutions showing a possible reduction in the growth rate by 0.3%-0.4%, which would mean a reduction in economic growth in Romania by 0.15%-0.2%," Concordia macroeconomist Iulian Lolea said.

Wall Street is coming off a winning week fueled by strong earnings and recent deals between the U.S. and its trading partners.

European capitals are putting a brave face on the trade deal they struck with President Donald Trump, which will see the European Union accept a 15% tariff on most of its exports to the US while reducing levies on some American products to zero.

President Donald Trump is in Scotland, where he is meeting with British Prime Minister Keir Starmer to refine a trade deal the two leaders signed last month