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 imports on both sides that might have sent shockwaves through economies around the globe.

Investors appeared to embrace news of a trade deal between the U.S. and European Union on Sunday that is expected to bring clarity for companies and some certainty to markets ahead of U.S. President Donald Trump's Friday tariffs deadline.

President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out a US-EU trade deal. Without an agreement, the EU was due to get hit with a 30% tariff rate on Aug.

The U.S. and the European Union have agreed to a trade deal that will result in 15% tariffs on most imported European goods, President Donald Trump announced Sunday. The deal comes a week before Trump’s Aug.

The EU deal would be a huge prize, given that the U.S. and EU are each other's largest trading partners by far and account for a third of global trade in goods and services.

"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."

President Donald Trump arrived in Scotland on Friday to visit both his Turnberry and Aberdeen golf properties.

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