The United States and the European Union agreed on a framework trade deal, which leaders on both sides of the Atlantic said would end months of uncertainty for industries and consumers.

The United States and the European Union avoided the worst-case scenario: a damaging, all-out trade war between allies that threatened to raise prices on a large number of goods and slow two of the world’s largest economies.

President Donald Trump unveiled a trade agreement with the European Union on Sunday, making it the latest in a series of accords as the White House threatens to slap tariffs on dozens of countries this week.