I doubt Trump will back down. He's a very proud man and his ego won't allow him to do that. Also, he believes what he's doing is right for the country; that's the way he sees things, so unless people can help him see things differently, there will be no backing down.
I believe the market will recover, but the tariffs will remain. There might only be reductions in the increase. Inflation will set in, but not a very large one and people will adjust to it with time. Time is going to be a major factor in this. People seem to move on after times like this.
They have already clearly seen that they made a mistake in voting for Trump, even though ego won't let some of them admit it.
Anyone with a right-thinking brain should have known that voting for a man who promised to increase tariffs is crazy.
Quite a few Trump supporters have realized that they made a mistake. They are making public apologies. But what good will that do? Will it solve anything? No, it won't. People should unite and show that this old man's policies are no longer trustworthy. Even some senators can't watch this circus anymore and are taking real action. It is highly likely that Trump will be charged with serious offenses in the near future. That's when there is hope for the speculative markets to recover.