Back in May 2016, the then'GOP presidential candidate posted a picture of himself eating a Trump Tower Tex-Mex entree. 'I love Hispanics!' he wrote. Nearly everyone understood this as an awkward pander. Now, in May 2025, Wall Street is all over the 'TACO trade,' another instance of people realizing they shouldn't take the president at face value. 'TACO' is short for 'Trump always chickens out.' Markets have tended to go down when Trump announces new tariffs, but investors have recognized that a lot of this is bluffing, so they're buying the dip and then profiting off the inevitable rally. A reporter asked Trump about the expression on Wednesday, and he was furious. 'I chicken out' I've never heard that,' he said. 'Don't ever say what you said. That's a nasty question. To me, that's the nastiest question.' The reaction demonstrates that the traders are right, because'to mix zoological metaphors'a hit dog will holler. The White House keeps talking tough about levying new tariffs on...
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