US President Donald Trump wants the world to know he’s no “chicken” just because he’s repeatedly backed off high tariff threats. The U.S. Republican president’s tendency to levy extremely high import taxes and then retreat has created what’s known as the “TACO” trade, an acronym coined by The Financial Times’ Robert Armstrong that stands for “Trump Always Chickens Out.” Markets generally sell off when Trump makes his tariff threats and then recover after he backs down. Trump was visibly offended when asked about the phrase on Wednesday and rejected the idea that he’s “chickening out,” saying that the reporter’s inquiry was “nasty.”
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