The EU, a group of countries with shared economic interests, exports about $2 trillion worth of goods to the U.S. The 27 countries had hoped for a lower tariff of 10%, similar to the deal Trump negotiated with the U.K. and well below the original threat of 30% tariffs, but most analysts expected something closer to 15%.

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.

President Donald Trump will make his trade deal decisions this week even as separate negotiations with China and the European Union continue, U.S. Commerce chief Howard Lutnick said on Tuesday ahead of Trump's self-imposed Aug.

Treasury Secretary Scott Bessent joins 'Power Lunch' to discuss the possibility of Trump and Xi Jinping meeting, Chinese purchases of Iranian oil and much more.

Fareed Zakaria asks Bill Gates how damaging he thinks Trump’s tariffs are. Hear his response . 01:43 . Now playing

President Donald Trump on Tuesday will conclude his trip to Scotland, where the United States and the European Union announced a sweeping trade deal that imposes 15% tariffs on most European goods. Trump had initially threatened tariffs of 30% against the EU in April.

The US and EU are racing to lock in the final details of their major new trade deal before Friday's deadline. But critics say its a rushed fix, with German Chancellor Friedrich Merz calling the outcome unsatisfying,

Experts at Bankrate have warned that the cost of President Donald Trump’s tariffs could ultimately be passed on to American consumers, unless importers or businesses absorb the costs