AsianFin -- The United States and European Union have reached a trade agreement setting a 15% tariff on most EU goods and pledging hundreds of billions of dollars in investment into U.S. industry, averting a sharp tariff hike that was set to take effect on August 1.

U.S. President Donald Trump and European Commission President Ursula von der Leyen finalized the deal during a meeting in Scotland on Sunday. The agreement follows a similar deal Trump struck with Japan last week, also featuring a 15% tariff.