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 United States struck a framework trade deal with the European Union on Sunday, imposing a 15% import tariff on most EU goods, but averting a spiralling battle between two allies which account for almost a third of global trade.

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