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.

It will bring clarity for European makers of cars, planes and chemicals. But the EU had initially hoped for a zero-for-zero tariff deal. And the 15% baseline tariff, while an improvement on the threatened rate of 30%, compares to an average U.S. import tariff rate of around 2.5% last year before Trump's return to the White House.

The dollar rose against the euro and yen on Monday as markets were buoyed by a trade agreement between the U.S. and the EU, which brought some market certainty and averted a global trade war.

European capitals are putting a brave face on the trade deal they struck with President Donald Trump, which will see the European Union accept a 15% tariff on most of its exports to the US while reducing levies on some American products to zero.

President Trump has announced a trade agreement with the European Union. CBS News' Olivia Rinaldi and Javier David have details on the deal.

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

Donald Trump has returned to his golf course in Turnberry, Scotland, for a round before discussing trade with European Commission chief Ursula von der Leyen. Both sides are seeking an

Trump has given the EU an Aug. 1 deadline to ink a new trade deal with him or else face 30% tariffs. The EU is a block of 27 trade countries, which, taken together, traded about $1.68 trillion