The US and European Union agreed to a deal that will see the bloc face 15% tariffs on most of its exports, including automobiles, staving off a trade war that could have delivered a hammer blow to the global economy.
The pact comes less than a week before a Friday deadline for President Donald Trump’s higher tariffs to take effect. The president in May threatened to impose a 50% duty on nearly all EU goods, adding pressure that accelerated negotiations, before lowering that to 30%.