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 sweeping announcement came after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland. Their private sit-down culminated months of bargaining, with the White House deadline Friday nearing for imposing punishing tariffs on the EU's 27-member countries.

'It was a very interesting negotiation. I think it's going to be great for both parties,' Trump said. The agreement, he said, was 'a good deal for everybody' and 'a giant deal with lots of countries.' Von der Leyen said the deal 'will bring stability, it will bring predictability, that's very important for our businesses on both sides of the Atlantic.' As with other, recent tariff agreements that Trump announced with countries including Japan and the United Kingdom, some major details remain pending in this one.