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

The United States and the European Union agreed to a 15 percent base tariff after weeks of negotiations, which were among the Trump administration’s most difficult discussions.