Trump was asked about the "TACO" trade and called it a "nasty question." Here's what it means.
CBSN
A new acronym is popping up on Wall Street to explain investors' reaction to President Trump's on-again, off-again tariffs: TACO.
Coined by Financial Times journalist Robert Armstrong in a May 2 column, the tongue-in-cheek term stands for "Trump Always Chickens Out." That phrase is meant to describe a pattern of stocks plunging when the Trump administration announces stiff new tariffs, then surging when Mr. Trump eases up on them days or weeks later.
Since Armstrong's column, Mr. Trump has pulled back on import duties on two other major U.S. trading partners. On May 12, he placed a 90-day freeze on 145% tariffs on Chinese goods, while on May 26 he delayed 50% tariffs on European goods until July. In both cases, the markets jumped after Mr. Trump offered to ease tariffs.
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