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.

France denounced the trade agreement between the European Union and the U.S. as a "submission" on Monday though other EU states largely backed a deal they acknowledged was lopsided but which averts an economically damaging trade war with Washington.

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

The dollar rose against the euro and yen on Monday as markets were buoyed by a trade agreement between the U.S. and the EU, which brought some market certainty and averted a global trade war.

The 15% tariff would be lower than previously threatened but remains a high duty on America’s largest trading partner.

Donald Trump has returned to his golf course in Turnberry, Scotland, for a round before discussing trade with European Commission chief Ursula von der Leyen. Both sides are seeking an

Trump has given the EU an Aug. 1 deadline to ink a new trade deal with him or else face 30% tariffs. The EU is a block of 27 trade countries, which, taken together, traded about $1.68 trillion