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-US trade deal includes zero tariffs on aircraft, a big win after months of uncertainty. But Trump's tariffs could still weaken travel demand.

Wall Street looked set for a higher open on Monday, as the trade agreement between Washington and the European Union bolstered sentiment at the start of a pivotal week featuring megacap earnings, a Federal Reserve meeting,

Wall Street is coming off a winning week fueled by strong earnings and recent deals between the U.S. and its trading partners.

The agreement is a major step in Trump's plan to shake up global trade, which he says was weighted against America.

The president struggles to shift the conversation away from Epstein as his supporters demand the release of files about the case.

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