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.

Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.

France denounced the trade agreement between the European Union and the U.S. as a "submission" on Monday though other EU states largely backed a deal they acknowledged was lopsided but which averts an economically damaging trade war with Washington.

U.S. Trade Representative Jamieson Greer touted the new US-EU trade deal Monday morning on CNBC: TRADE REPRESENTATIVE JAMIESON GREER: It’s an amazing thing for our country. For 70 years, we followed a trade policy that maybe at a certain time made sense,

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

Asian equities were mostly higher overnight as Vietnam and Indonesia outperformed while Japan and India underperformed. Hong Kong and Mainland China were both higher overnight on high volumes as health care stocks outperformed,

Cheniere Energy shares were higher ahead of today's session following a trade deal between the U.S. and the European Union.

European capitals are putting a brave face on the trade deal they struck with President Donald Trump, which will see the European Union accept a 15% tariff on most of its exports to the US while reducing levies on some American products to zero.