U.S. and Chinese officials meet in Stockholm to extend a tariff pause and ease trade tensions. Talks could lead to a Trump-Xi summit later this year.

The deal, which would set a 15 percent tariff on most E.U. goods, averted what could have become a painful trade war with the United States’ biggest source of imports. “We are agreeing that the tariff straight across for automobiles and everything else will be a straight-across tariff of 15 percent.

The US and European Union agreed on a hard-fought deal that will see the bloc face 15% tariffs on most of its exports, including automobiles, staving off a trade war that could have delivered a hammer blow to the global economy.