Wall Street loves a catchy acronym, and the “TACO trade” has captured the mood, as investors and analysts attempt to make sense of the roller-coaster market action that has followed President Donald Trump’s sweeping tariff threats and subsequent walk-backs.

There’s a new trade on Wall Street: the TACO trade, standing for “Trump Always Chickens Out.” The term was coined by Robert Armstrong, a writer for the Financial Times, and is intended to capture how markets have fallen on President Donald Trump’s vow to impose steep tariffs on imports to the United States and then jump back up when Trump announces pauses on those tariffs.

Robert Armstrong Oh yes, and that’s been, that’s your legacy. That is the first paragraph of Katie Martin’s obituary is “Katie Martin, founder of the imaginary hedge fund vomiting, vomiting camel capital management died today at age 96 “.

"TACO trade," which stands for "Trump always chickens out," was coined by Financial Times columnist Robert Armstrong but has since spread across Wall Street and the internet.