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 United States and European Union reached a significant trade agreement that will change tariffs and increase energy purchases, potentially affecting consumer prices.

The European Union and the United States have struck a deal to avoid a painful trade war between the transatlantic allies.