The European Union is working on the assumption that the United States will impose a 15% tariff on most EU exports from Friday, even though the two sides have yet to complete a key document clarifying how the agreement will operate.

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.

A new trade pact between the United States and the European Union threatens Europe's plastics and rubber machinery exports with a 15 percent tariff, sparking warnings from Italian trade group Amaplast about higher costs and market disruption.

By Giulio Piovaccari and Keith Weir MILAN (Reuters) -Luxury sports-car maker Ferrari could trim a premium introduced in April for some cars sold in the United States once the lower 15% tariff for European imports takes effect,