Global investors are heading into U.S. President Donald Trump's Wednesday deadline for trade tariffs palpably unexcited and prepared for a range of benign scenarios that they believe are already priced in.

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.

The move marks a major escalation in his push for what he calls “reciprocal” trade and comes just five days ahead of a self-imposed July 9 deadline for countries to strike deals with the US. Trump told reporters that “10 or 12” letters will be sent Friday,

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.

After striking only a few trade deals since declaring a 90-day pause in April, President Trump said he would announce new duties starting Friday.