We've got such a mess of signals now that even if Trump came out and said "jk forget all the tariffs" I don't think markets would be happy. We've embarked on a path with such wide tails, capable of such unforeseeable change, led by such a fractious host, that no risk appetite can stomach it. The only thing markets can realistically look forward to now is a calamity of great enough magnitude (or pain to sufficient degree) that it forces the Fed to revive its dovish reaction function.