Nepal, July 28 -- 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 imports on both sides that might have sent shock waves through economies around the globe.

The sweeping announcement came after President Donald Trump and European Commission chief Ursula von der Leyen met briefly at Trump's Turnberry golf course in Scotland. Their private sit-down culminated months of bargaining, with the White House deadline Friday nearing for imposing punishing tariffs on the EU's 27 member countries.

"It was a very interesting negotiation. I think it's going to be great for both parties," Trump said. The agreement, he said, was "a good deal for...