"We're in much better shape because it's now clear that if there's gonna be a real trade war with anyone, it would just be with China," Secretary Ross tells Fortune.

TURNBERRY, Scotland, July 27 (Reuters) - The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade.

The European Union pledged to buy billions of dollars’ worth of energy resources from the United States. Experts say that’s unrealistic and could hurt Europe’s climate goals.

The rate will apply in addition to individual “reciprocal” tariffs targeting countries with which the US runs a trade deficit.

US President Donald Trump and EU chief Ursula von der Leyen shake on it after "tough negotiations" in Scotland.

The dollar gained against major currencies including the euro and yen on Monday with sentiment lifted by a trade agreement between the U.S. and the EU, which brings market certainty and averts a global trade war.

The U.S. and European Union agreed on trade terms that include a 15% across-the-board rate on EU products as well as hundreds of billions of dollars of investments in American industry. President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out the agreement.