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.

American tariffs on dozens of countries will come into effect next Wednesday as scheduled, although several deals could still be worked out before then, President Donald Trump confirmed Friday.

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.

The world economy, beset with uncertainty for three months over Donald Trump’s on-again-off-again tariffs, is about to get more clarity as the US president’s deadline for trade deals arrives on Wednesday.