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

The deal, which includes a 15% tariff on EU goods entering the U.S. and significant EU purchases of U.S. energy and military equipment, will bring welcome clarity for EU companies though many in Europe will see it as a poor outcome.

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.

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 imports on both sides that might have sent shockwaves through economies around the globe.

The deal, which includes a 15% tariff on EU goods entering the U.S. and significant EU purchases of U.S. energy and military equipment, will bring welcome clarity for EU companies though many in Europe will see it as a poor outcome.

April 9: Trump's higher "reciprocal tariffs" begin just after midnight. Hours later, the president says he is issuing a 90-day pause on those duties, except for China. Trump raises tariffs on Chinese goods from 104% to 145%, the highest rate so far this year.

Confident that his right-wing populist policies would help win him favor with Trump’s administration, Orbán said in an interview in April that while tariffs “will be a disadvantage,” his government was negotiating “other economic agreements and issues that will offset them.”

The outlook for European corporate health has slightly improved, the latest earnings forecasts showed on Tuesday, despite continued uncertainty over global trade and the European Union preparing for counter-measures against any major U.