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.

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?

President Donald Trump is meeting with United Kingdom Prime Minister Keir Starmer in Turnberry, Scotland, this morning to discuss trade. The U.S. and United Kingdom reached an agreement on tariffs in May. Yesterday, Trump announced a trade deal with the European Union that would set tariffs at 15% for U.S. imports of most European goods.

The French wine and spirits exporters' federation FEVS said on Monday the trade deal struck between the European Union and the United States was expected to confirm duty-free trade in spirits. Since April,

President Trump has announced a trade agreement with the European Union. CBS News' Olivia Rinaldi and Javier David have details on the deal.

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

A provisional deal between the United States and European Union to exempt aircraft from tariffs avoids a potential threat to jet production and deliveries in both regions and caps months of uncharacteristic unity among plane-making rivals.