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.

A senior source close to President Macron warned Paris would not back down in its bid to impose huge levies on US tech giants and block American firms from winning lucrative government contracts

Oil prices rose on Monday after a trade deal between the U.S. and the European Union and U.S. President Donald Trump's announcement that he would shorten the deadline set for Russia to end its war in Ukraine or face severe tariffs.