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.

Now, Trump has reached a similar agreement with the European Union. In this latest deal, agreed upon in a meeting between Trump and European Commission President Ursula von der Leyen in Scotland, a lower 15% tariff will be imposed on most European goods, which includes new cars.

Dutch healthcare technology company Philips on Tuesday lowered its estimated impact from import tariffs after the U.S. and the European Union agreed to the United States imposing a 15% rate on most EU goods.

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.

The US and EU strike a tentative trade deal imposing 15% tariffs, averting a costly trade war, but critics say it remains unbalanced and incomplete.

A new trade deal between the United States and the European Union will significantly reduce tariffs on European-built vehicles.

European officials gave up on trying to avoid tariffs altogether and instead looked for the best agreement they could get.

The U.S. and European Union agreed on trade terms that include a 15% rate on most EU products as well as hundreds of billions of dollars of investments in American industry. President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out the agreement.

U.S. Trade Representative Jamieson Greer touted the new US-EU trade deal Monday morning on CNBC: TRADE REPRESENTATIVE JAMIESON GREER: It’s an amazing thing for our country. For 70 years, we followed a trade policy that maybe at a certain time made sense,