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.

The US and EU strike a tentative trade deal imposing 15% tariffs, averting a costly trade war, but critics say it remains unbalanced and incomplete.

Luxury sports-car maker Ferrari could trim a premium introduced in April for some cars sold in the United States once the lower 15% tariff for European imports takes effect, it said on Thursday.