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,

The president said of the plans: "Different amounts of money, different amounts of tariffs and somewhat different statements."

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.