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 EU, a group of countries with shared economic interests, exports about $2 trillion worth of goods to the U.S. The 27 countries had hoped for a lower tariff of 10%, similar to the deal Trump negotiated with the U.K. and well below the original threat of 30% tariffs, but most analysts expected something closer to 15%.

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,

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal.

TURNBERRY, Scotland, July 27 (Reuters) - European Commission President Ursula von der Leyen met U.S. President Donald Trump on Sunday to clinch a trade deal that would likely result in a 15% tariff on most EU goods, but end months of uncertainty for European Union companies.