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

Trump had most recently threatened tariffs of 30% on imports from the European Union. But on Sunday, he met with the president of the European Commission, and they agreed to a lower level.

A new 15% tariff goes into effect on imports to the U.S. from the European Union starting Friday. Last year, those same goods were taxed at about 1.2%. Former Rep. Max Rose, Staff Writer at The Atlantic Ashley Parker and Mark McKinnon,