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.

"More chips for China means fewer chips for the US," experts said, noting that "China’s biggest tech firms, including Tencent, ByteDance, and Alibaba," have spent $16 billion on bulk-ordered H20 chips over the past year.

Several European Union officials responsible for negotiating Sunday’s trade agreement with the US think the deal they hammered out was the least-bad option available to the bloc, according to people familiar with their thinking.

At the centre of the global trade war lies a surprising US grievance: the dollar’s position as the global reserve currency. In a controversial paper published last November, Stephen Miran, chief economic adviser to President Trump, claimed that the dollar’s status as the reserve currency is a ‘burden’ contributing to chronic trade deficits.

At the end of the day, the EU needs U.S. weapons to keep Ukraine afloat into its struggle for survival against Russia.”

As Mr. Trump golfed Saturday at his course in Turnberry, Scotland, hundreds of protesters took to the streets to denounce his presence elsewhere in Britain, opposing the administration’s policies on immigration,

United States President Donald Trump is holding showdown talks with European Commission President Ursula von der Leyen in an effort to avoid a costly trade war.