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.

"We still believe the most likely outcome is slow growth and firm inflation: Not a recession, but a backdrop where the adverse effects of trade and immigration controls on growth outweigh the boost from deregulation and fiscal largesse," Morgan Stanley strategist Michael Zezas wrote.

President Donald Trump is traveling to Scotland on Friday to visit both his Turnberry and Aberdeen golf properties. Trump is also set to meet with British Prime Minister Keir Starmer to discuss trade and refine a deal they announced in June to slash tariffs and expand market access between the two countries.

President Donald Trump announced trade deals with Japan, the Philippines, and Indonesia this week. But the needle may not have moved much when it comes to swaying Southeast Asia from China's

The U.S. and Japan have reached a trade agreement under which the longtime U.S. will face a 15% tariff—down from a previously threatened 25%—President Donald Trump announced on Tuesday, as Japan’s Prime Minister hailed the move as a “new golden era” in the relationship between the two countries.

U.S. President Donald Trump has announced a flurry of trade deals that will relieve some pressure on companies and consumers from sharply higher tariffs on imports from Japan and a handful of other Asian countries.

She was referring to Trump’s repeated claim that he has completed 200 trade deals — despite there being only 195 countries in the world. To emphasize the disconnect, Phillip rolled a series of clips showing Lutnick enthusiastically talking up the outcome of these alleged deals.