U.S. stocks unwound an early week rally with trade tariffs remaining a key overhang as tensions continue to escalate with China. President Trump said trade deals with Japan and the European Union could soon be finalized without providing any scope or timing details. Around 60 countries are racing to negotiate reduced reciprocal tariffs during the 90-day pause before implementation. Big tech stocks resumed selling after AI bellwether Nvidia said it will take a $5.5B accounting charge after Commerce officials imposed new licensing requirements to sell less robust AI chips to China.