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.

London's main stock indexes inched higher on Monday as investors assessed a trade deal between the United States and the European Union.

The European Union has approved its 18th package of sanctions against Russia, overcoming a block from Slovakia The new measures expand the list of ’shadow’ vessels under sanctions, lower the oil price cap, and – for the first time – target a national flag registry.

The dour mood for European markets comes after U.S. President Donald Trump announced at the weekend that he would impose a 30% tariff on goods imported from the EU, dealing a blow to the bloc after several months of negotiations to try to reach a trade deal. The duty will go into effect on Aug.1.

EU boats were given access to UK waters as part of the initial Brexit agreement, but the deal runs out in June 2026. “We not the political agreements leading to full reciprocal access to waters to fish until 30 June 2038 and extending energy co-operation on a continuous basis,” BBC reports say.