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.

U.S. President Donald Trump said he had signed letters to 12 countries outlining the various tariff levels they would face on goods they export to the United States, with the "take it or leave it" offers to be sent out on Monday.

U.S. President Donald Trump said on Friday his administration later in the day will begin sending letters to 10 to 12 countries informing them of the tariff rate their products will face in the United States.