Earlier this month, Financial Times columnist Robert Armstrong coined an acronym to describe a popular new trading strategy centered around Donald Trump’s start-and-stop tariff policies: TACO, or “Trump Always Chickens Out.”
“I kick out?” Trump said initially, misunderstanding the acronym.
“Oh isn’t that nice. ‘Chicken out,’ I’ve never heard that,” Trump said before ranting that he hadn’t lacked follow-through on his trade policies, referring to his arrangements with China and the European Union. Instead, Trump claimed that he had heard complaints he was too tough.
“We had a country of people that didn’t think it was going to survive and you ask a nasty question like that,” Trump continued, apparently blaming the media for reporting on the talk of the town.
“Don’t ever say what you said. That’s a nasty question. To me that’s the nastiest question,” Trump scolded the reporter.
— Acyn (@Acyn) May 28, 2025
In a Wednesday note obtained by Market Watch, Sevens Report Research founder Tom Essaye insisted that Trump does, in fact, always chicken out. So far, that’s been true for enacting additional tariffs on Mexico and Canada, postponing his “reciprocal” tariff plan on dozens of countries after his “Liberation Day” announcement went south, delaying a tariff on imports from the European Union, and smashing his plan to fine China, temporarily decreasing tariffs on Chinese products to 30 percent from 145 percent.
“So, the returns are somewhat conclusive: The TACO trade has worked and buying stocks on extreme tariff-related threats has worked,” Essaye wrote, noting that known gambit’s growing popularity will translate to diminished returns.
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