James Knightley, ING’s chief international economist, said the deal with the European Union is important. But he said there are still questions to be settled with some of America’s major trading

TURNBERRY, Scotland, July 27 (Reuters) - The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade.

US President Donald Trump and EU chief Ursula von der Leyen shake on it after "tough negotiations" in Scotland.

The U.S. and European Union agreed on trade terms that include a 15% across-the-board rate on EU products as well as hundreds of billions of dollars of investments in American industry. President Donald Trump and European Commission President Ursula von der Leyen met in Scotland on Sunday to iron out the agreement.

The euro hit a one-month low against the dollar on Tuesday as investors sobered up to the fact that terms of the trade deal between the U.S. and the European Union favoured the former and did little for the bloc's economic outlook.