The European Union and the US have announced a political agreement that will completely reset the €1.7 trillion ($2 trillion) transatlantic trade relationship.

The U.S.-EU trade agreement imposes 15 percent tariffs on most European imports, avoiding the 30 percent levies that President Trump had threatened. Critics argue the deal disproportionately favors

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.