The United States and European Union have announced a deal to avert a transatlantic trade war. Under the deal, the U.S. would impose a 15% tariff on most European imports — a large increase over the current rate but far smaller than what Trump had threatened.

The EU also agreed to purchase more than $750 billion of energy products from the U.S. and invest an additional $600 billion in the U.S. Trump announced the deal in Scotland, where he met with European Commission President Ursula von der Leyen.

Ursula von der Leyen: “We have a deal. We have a trade deal between the two largest economies in the world. And it’s a big deal. It’s a huge deal. It will bring stability. It will bring predictability. That’s very important for our businesses on both sides of the Atlantic. It’s 15% tariffs across the board, all inclusive.”