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.

The tariffs, or import taxes, paid when Americans buy European products could raise prices for US consumers and dent profits for European companies and their partners who bring goods into the country.

US stocks were mixed Monday and the S&P 500 was on the verge of snapping a five-day win streak as investors digested the announcement of a trade deal between Washington and Brussels. Stocks fluctuated between gains and losses Monday afternoon after President Donald Trump and President of the European Commission Ursula von der Leyen on Sunday announced a framework for a US-EU trade deal.

The European Union's trade deal with the United States could cost the pharmaceutical industry between $13 billion and $19 billion as branded medicines become subject to a tariff of 15%, analysts said on Monday.

Less than a day after President Donald Trump claimed that the European Union had agreed to invest $600 billion into the United States as part of a trade deal that will see Trump ask Americans to shoulder a 15 percent import tax on many European goods, EU officials are quietly backtracking.