Wells Fargo sketched out a hypothetical scenario where the world is divided into three trading blocs led by the U.S., China, and the EU.

With just five days remaining in the tariff moratorium, the White House is expected to begin delivering a message to a dozen or so countries: Time is up, and here’s your new rate.

President Trump said his administration will begin notifying several of its trading partners of unilateral tariffs as high as 70%, escalating trade tensions as markets closed for the July 4 holiday. “We’re going to start sending letters out to various countries starting tomorrow,