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 and US have struck a last-minute trade agreement that averts a major tariff hike but leaves European leaders divided over the cost of compromise.

President Trump and EU Commission President Ursula von der Leyen agree that they have a 50/50 chance of striking "the biggest deal ever" on US-EU trade today in Scotland. URSULA VON DER LEYEN: Our staff have done some of the heavy lifting,