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.

Gulf equities were little changed in early trade on Tuesday as investors cautiously greeted a trade agreement between the U.S. and the European Union, while lacklustre second-quarter earnings weighed on sentiment.

President Donald Trump and European Commission President Ursula von der Leyen outlined terms of a trade agreement Sunday.

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

France denounced the trade agreement between the European Union and the U.S. as a "submission" on Monday though other EU states largely backed a deal they acknowledged was lopsided but which averts an economically damaging trade war with Washington.