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 EU and US have struck a last-minute trade agreement that averts a major tariff hike but leaves European leaders divided over the cost of compromise.

The US and EU strike a tentative trade deal imposing 15% tariffs, averting a costly trade war, but critics say it remains unbalanced and incomplete.