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 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

The U.S. and the European Union announced a new trade agreement framework over the weekend, setting a 15% tariff on most goods imported from the EU.

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 roundup of where things stand with tariffs on key U.S. trade partners and sectors.

Top trade officials from China and the United States launched a new round of talks on Monday in a bid to ease tensions over tariffs between the world’s two biggest national economies. U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng were meeting at the offices of Sweden’s prime minister for two days of talks,

Many pharmaceutical products made in Europe will face a 15 percent tariff, pinching manufacturers and potentially leading to higher drug prices.

President Donald Trump said on Monday most trading partners that do not negotiate separate trade deals would soon face tariffs of 15% to 20% on their exports to the United States, well above the broad 10% tariff he imposed in April.