The tariffs, or import taxes, paid when Americans buy European products could raise prices for US consumers and dent profits for European companies and their partners who bring goods into the country.

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.

Questions, critiques and discrepancies are hanging over the framework agreement, but investors seem to view it as a win all the same.

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

U.S. President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by Aug.

The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday.