US President Donald Trump and EU chief Ursula von der Leyen confirm the deal after "tough negotiations" in Scotland.

The deal was struck less than a week before the U.S. threatened to levy a much higher 30% tariff on European goods.

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.

Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.

A threatened 30% tariff on European wines would hurt many U.S. companies while hiking prices at home and in restaurants, industry experts warn.

European Union countries approved a package of retaliatory tariffs on U.S. goods that could start in August if no trade agreement is reached. The list covers more than $100 billion worth of annual U.S.

The European Central Bank is leaving interest rates unchanged as it waits to see the impact of U.S. President Donald Trump’s tariffs on the economy before deciding whether to cut rates again.

SSAB's earnings fell more than expected in the second quarter, hit by lower steel prices and a weakening European market due to tariff-driven uncertainty, the Swedish steelmaker said on Wednesday, sending its shares more than 7% lower.