US President Donald Trump and European Commission Ursula von der Leyen announced on Sunday that they have agreed a US tariff on all EU goods of 15%.

TURNBERRY, Scotland, July 27 (Reuters) - The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade.

Stocks were on track for another session of gains on Monday after President Donald Trump said he had struck a deal to set 15% tariffs on the European Union, reassuring investors after months of trade-based uncertainty.

Prime Minister Sir Keir Starmer will meet US President Donald Trump in Scotland later. Trade is one of the topics up for discussion as Starmer seeks to reduce the US-imposed 25% tariff on British steel. We’ll be unpicking the US-UK trading relationship in light of the deal Trump struck with the EU at the weekend.

The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods and averting a bigger trade war between the two allies that account for almost a third of global trade.

EU Commission President Ursula von der Leyen will meet President Donald Trump on Sunday in Scotland to "discuss transatlantic trade relations."