Donald Trump snapped at reporters yesterday after learning about a new nickname Wall Street has given ever-fluctuating tariff policy: TACO—Trump Always Chickens Out.
- The jab, coined by a Financial Times columnist and quickly adopted by analysts, refers to Trump’s now-routine pattern of making aggressive tariff threats, only to backpedal days or weeks later.
THE DETAILS: During a swearing-in ceremony for Fox News anchor Jeanine Pirro to an important Justice Department job, a reporter asked Trump what he thought of the nickname.
- “I chicken out?” Trump snapped. “I’ve never heard that.”
He launched into a winding, incoherent defense of his tariff policies, adding, almost as an afterthought, “It’s called negotiation!”
- He ended by scolding the journalist for daring to ask him a tough question: “Don’t ever say what you said… that’s a nasty question.”
Here’s the full video:
Reporter: Wall Street analysts have a new term called the TACO trade.. Saying Trump always chickens out on tariffs…
— Acyn (@Acyn) May 28, 2025
Trump: I kick out?
Reporter: Chicken out.
Trump: I gave the E.U. a 50% tax tariff. They called up and said, please, let meet right now. You call that… pic.twitter.com/lPQK9iZ70d
ZOOM OUT: The TACO nickname was born out of frustration—and mockery—on Wall Street. It captures what investors say has become a pattern:
- Big threats from Trump, followed by walk-backs that send markets rebounding.
Trump has vowed and then backtracked on tariffs to Canada, China, and the EU. Business leaders say he’s making it utterly impossible to do business—because they can’t plan for what’s next.
BOTTOM LINE: Trump and his goons claim his shifting policies are all part of a masterful negotiation strategy.
- But to investors watching the markets swing, the inconsistency isn’t strength—it’s volatility.
And now, it has a name. Please don’t call him that, he really doesn’t like it.