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

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 biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."

United States, European Union stave off 30% U.S. tariffs on imports, due to start on Friday, at least for now. But what about pharmaceuticals?

When President Donald Trump revealed that his administration had struck a "massive" trade and investment deal with Japan, he described it as "completed"—but it must still pass the Japanese parliament, called the Diet, which is riven with political turmoil.

Among the strongest performers, Thermo Fisher Scientific rose 12%, topping the leaderboard for large-cap stocks, followed by T-Mobile US, up 9%.

On “This Week,” ABC News’ Senior Political Correspondent Rachel Scott reports on President Trump’s visit to Scotland to meet with UK PM Keir Starmer and recap Trump’s visit to the Fed building.