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.

German auto companies embraced greater clarity but warned that even the lower rate of tariffs agreed between Brussels and Washington would still hurt.

Higher tariffs, or import taxes, on European goods mean sellers in the U.S. would have to either increase prices for consumers — risking loss of market share — or swallow the added cost in terms of lower profits. The higher tariffs are expected to hurt export earnings for European firms and slow the economy.

Shipping shares Moller-Maersk and Hapag-Lloyd fell after the European Union said its trade agreement with the US would chop in half the proposed 30% blanket tariffs to 15% on most products.

Stocks were on track for another session of gains on Monday after President Donald Trump said he had struck a deal to set 15% tariffs on the European Union, reassuring investors after months of trade-based uncertainty.