Part of the agreement involves a commitment to buy American oil and gas. Over the course of the Russia-Ukraine war, now in its fourth year, most of the EU has slashed its dependence on unreliable energy supplies from Russia, but Hungary and Slovakia still have not.

The president’s vision for reshaping global trade is falling into place, but he is embarking on an experiment that economists say could still produce damaging results.

The economy was supposed to crumble. The trade war was expected to escalate out of control. Markets were forecast to plunge. None of that has happened. But Trump’s early trade victory may be short-lived.

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.

Tariffs are rising sharply in 2025, with the US rates jumping to 13.3%—the highest since 1939—fueling global uncertainty and triggering a projected $2 trillion hit to global GDP by 2027.

The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

Oil prices edged up on Tuesday on optimism that a trade war between the United States and its major trading partners was abating and as President Donald Trump ramped up pressure on Russia over its war in Ukraine.