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.

While Greer acknowledged that he had previously suggested a deal with New Delhi might be imminent, he emphasized the significant policy shifts that would be required from India.

The euro rose on Monday following a framework trade deal reached over the weekend between the United States and the European Union.

Global shares have rallied, with Tokyo's benchmark Nikkei 225 index finishing 3.5% higher after Japan and the U.S. announced a deal on President Donald Trump's tariffs.

US stocks were mixed Monday and the S&P 500 eked out a record high for the sixth day in a row as investors digested the announcement of a trade deal between Washington and Brussels.

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"The biggest piece in the trade deal puzzle still remains, and the Chinese are unlikely to be as willing to fold."