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.

The US government is to start sending out letters to countries with details of higher US tariff rates that will begin on 1 August, President Donald Trump has said. Between 10 to 12 letters will go out on Friday,