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 Donald Trump said early Friday his administration is resuming a broad set of tariffs on dozens of countries after a 90-day pause, as trade negotiations with many of those nations have failed to yield new deals.