Thanks to Donald Trump and my FT colleague, Robert Armstrong, many of the world’s investors are now talking about the “TACO trade”.
It was Robert who coined the phrase “Trump always chickens out” (TACO). The pattern is that the US president will promise to impose massive tariffs on a chosen target. But he will then later cut or delay the tariffs, often in response to an adverse reaction from the markets.
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Financial Times
Gideon Rachman is chief foreign affairs columnist for the Financial Times. His particular interests include American foreign policy, the European Union and globalisation.
