Global stocks rose and the euro appreciated on Monday after a trade agreement between the United States and the EU lifted sentiment and provided some clarity in a week of key policy meetings by the Federal Reserve and the Bank of Japan.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

The euro rose on Monday following a framework trade deal reached over the weekend between the United States and the European Union.

The deal, which includes a 15% tariff on EU goods entering the U.S. and significant EU purchases of U.S. energy and military equipment, will bring welcome clarity for EU companies though many in Europe will see it as a poor outcome.

The U.S. and European Union agreed on trade terms that include a 15% rate on most 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.

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