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.

European Commission President Ursula von der Leyen and President Trump finally agreed to a trade/tariff deal with the European Union this weekend at Trump's golf club in Turnberry, Scotland. "We are agreeing that the tariff straight across for automobiles and everything else will be a straight-across tariff of 15%,

The deal was struck less than a week before the U.S. threatened to levy a much higher 30% tariff on European goods.

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

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal.

"Economic growth in the euro zone will be affected, with estimates from international institutions showing a possible reduction in the growth rate by 0.3%-0.4%, which would mean a reduction in economic growth in Romania by 0.15%-0.2%," Concordia macroeconomist Iulian Lolea said.

European Commission President Ursula von der Leyen said Sunday that a framework deal imposing 15% tariffs on EU goods imported to the U.S. did not contain any decision regarding the wine and spirits industry, adding that an agreement for the sector would be examined in the coming weeks.