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.

Steel producers like Cleveland Cliffs and Steel Dynamics both said this week that they raised prices after President Trump imposed a 50 percent tariff on imports.

British Prime Minister Keir Starmer is expected to press U.S. President Donald Trump to finalize a trade agreement that would cut tariffs on UK steel and Scotch whisky imports, the Financial Times. Starmer will meet Trump on Monday during the president’s visit to Scotland,

With tonnages slipping overseas and stabilizing in the U.S., the global steel industry is adapting to the 25% import surcharges in place now for over three months.

Tariff expenses are starting to pile up for auto manufacturers and suppliers. General Motors Co., for example, said tariffs cost it $1.1 billion in the second quarter, while Stellantis expects a full-year tariff impact of $1.2 billion-$1.8 billion.

Two major domestic producers — Steel Dynamics and Cleveland-Cliffs — substantially raised the price per ton they charge customers in the second quarter, according to The New York Times. All told, domestic steel producers have jacked up prices by 16% this year.

A global plunge in prices, led by increased production from China, and U.S. tariffs threaten steel manufacturing, which has long been a symbol of national might.

Independent Can Company has raised prices twice this year already after Trump imposed 25% duties on steel in March, and then doubled them in June.

Canada is staring down an August 1 deadline and the threat of a 35% U.S. tariff added atop existing levies on some exports

Leaders from the American Forest & Paper Association, Can Manufacturers Institute and Plastics Industry Association offered perspectives on challenges and manufacturing opportunities in recycled and virgin markets.

The Trump administration’s tariffs roughly break down into one of two categories. What do each of them mean for the global economy?