The Europe trade deal will see the U.S. impose a 15% import tariff on most EU goods − half the threatened rate but much more than Europeans hoped for.

President Donald Trump unveiled a trade agreement with the European Union on Sunday, making it the latest in a series of accords as the White House threatens to slap tariffs on dozens of countries this week.

The United States and the European Union avoided the worst-case scenario: a damaging, all-out trade war between allies that threatened to raise prices on a large number of goods and slow two of the world’s largest economies.