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.

Balancing economic interests and security concerns, European officials said they got the best deal possible with President Donald Trump, but critics said Brussels ceded to pressure.

The president is set to raise taxes on imports arriving from many countries, including Canada and Mexico. That’s on top of the tariffs that the White House has already announced on specific products,

The EU-US trade deal includes zero tariffs on aircraft, a big win after months of uncertainty. But Trump's tariffs could still weaken travel demand.

"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.

But as recently as Wednesday, Mr. Trump floated a higher range, between 15% and 50%. Mr. Trump, who in April said the U.S. had 200 trade deals with other nations, has since said there are too many countries for individual trade deals with all of them and the U.S. will have "simple" tariffs for "most" countries.

Investors gave a tepid welcome to President Trump's trade deal with the European Union. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

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%.