Trump annoyed by his new nickname

Financial Times journalist Robert Armstrong has coined the term TACO to describe the fluctuations in the US stock market each time Mr Trump punishes and then pardons certain states.

In an opinion piece published on 2 May, Armstrong stated that "Trump always chickens out" by halting tariffs just days after announcing them. In English, he used the phrase "Trump Always Chickens Out", which abbreviates to TACO.

The turnarounds are largely explained by the fact that markets have realised that the US administration does not tolerate economic and trade pressure very well and will soon back down when tariffs start causing problems.

This is the TACO theory: "Trump Always Chickens Out", notes Mr Armstrong in his column. Unsurprisingly, this theory has not gone down well with the man at the centre of it all.

(MH with D. Rodriguez - Source: Financial Times - Photo: © DPA - Newscom - Jim Lo Scalzo)