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.

The rate will apply in addition to individual “reciprocal” tariffs targeting countries with which the US runs a trade deficit.

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

The pound fell to a 10-week low against a stronger dollar on Tuesday, while staying just off a two-year low against the euro, as markets continue to digest the announcement of the trade deal between the European Union and the United States.

Trump's trade deals with the EU and Japan pave the way for the stock market to end with it's third straight annual gain of more than 20%, Oppenheimer said.

US stocks were mixed Monday and the S&P 500 eked out a record high for the sixth day in a row as investors digested the announcement of a trade deal between Washington and Brussels.

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.