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.

US President Donald Trump said his administration will probably start notifying trading partners Friday of the new US tariff on their exports effective Aug. 1, while reiterating a preference for simplicity over complicated negotiations five days before his deadline for deals.

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.

White House officials have suggested that the deadline could be postponed for some countries, while others could receive a letter outlining new tariffs.

He made the remarks just days ahead of the 9 July deadline for countries on Mr Trump’s tariffs list to negotiate trade deals with the US. The Chinese commerce ministry said this week that it hoped the US would continue to meet it halfway and maintain the stability of bilateral trade and economic relations,

The U.S. and the European Union have not yet struck a trade deal with just days to go before Trump's tariff reprieve is set to end.