For anyone on Wall Street still clinging to a time-honored macro-investing playbook, Trump 2.0 has been a source of endless punishment.Market narratives keep shifting faster than traders can adjust positions.

US stocks closed out a wild month with a whimper as tariff jitters returned to Wall Street. Stocks bounced around in a choppy trading session on Friday after President Donald Trump said China has “totally violated” its trade agreement with the United States — without specifying details — sending another jolt of uncertainty through markets.

Traders have reportedly come up with the acronym TACO, which stands for “Trump always chickens out,” to take advantage of the trade environment created by the president’s habit of threatening to impose tariffs on countries, and then backing off at the last moment.