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.

BRUSSELS - The tariff-and-spending accord announced Sunday by the United States and the European Union stands to avert a damaging trade war between two of the world’s largest economies, but it is lopsided in favor of President Donald Trump’s protectionist policies,

Dozens of economies including India, Canada and Mexico face threats of higher tariffs Friday if they fail to strike deals with Washington. - Global tariffs - US "reciprocal" tariffs -- imposed under legally contentious emergency powers -- are due to jump from 10 percent to various steeper levels for a list of dozens of economies come August 1,

France's prime minister described it as a ''dark day'' for the European Union, a ''submission'' to U.S. tariff demands. Commentators said EU Commission chief Ursula von der Leyen's handshake with President Donald Trump amounted to capitulation.

WASHINGTON, July 25 (Reuters) - U.S. President Donald Trump is unlikely to follow through on his threat to place 100% tariffs on countries that buy Russian oil because it would worsen politically-damaging inflation pressures and his similar threat against buyers of Venezuelan oil has had limited success, especially in China.

President Donald Trump said he will reduce a previous 50-day deadline he issued to Vladimir Putin to reach a peace deal with Ukraine after admitting the Russian leader seems to have no intention of complying with it.

Many economists already believe it’s a matter of time before Americans start to see sticker shock from the tariffs President Donald Trump has enacted. That timeline could speed up even more if Trump follows through with his latest package of tariff threats slated to take effect in three weeks.

The president imposed tariffs on Japan, one of America’s closest allies, that would have been alarming just months ago. And markets went up.

"The trade deal struck with the U.S. is certainly a relief in that it offers some certainty that U.S. tariffs on Japan-made cars won't rise to punitive levels," said Stefan Angrick, head of Japan and Frontier market economics at Moody's Analytics.

Thai and Cambodian leaders are set for talks Monday to halt the deadliest clash between the neighbors in more than a decade, with the US and China sending envoys after President Donald Trump used tariff threats to press for a ceasefire.