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, 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%.

Commerce Secretary Howard Lutnick discusses the significance of the U.S. and EU agreeing to a trade deal on 'Special Report.'

Trump’s protectionist moves likely to keep pushing countries to lessen their reliance on the US, analysts say.

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

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

President Donald Trump began talks Sunday in Turnberry, Scotland, with European Commission President Ursula von der Leyen, as Friday’s deadline looms to reach a trade deal to avoid the 30% tariffs on European imports.