Donald Trump is no stranger to nicknames, but “TACO” has struck a nerve. The acronym, short for “Trump Always Chickens Out,” was coined by Financial Times columnist Robert Armstrong to describe Trump’s repeated pattern of making bold tariff threats—only to back down when markets react negatively.
Armstrong first used the term in his May 2 Unhedged newsletter after Trump’s so-called “Liberation Day” tariffs sent stocks diving. When financial markets rebounded following Trump’s walk-backs, Armstrong needed shorthand for this routine. “TACO” fit the bill — catchy, pointed, and meme-ready. In a later NPR interview, he said he didn’t aim to craft an insult, just a useful label for Trump’s economic retreat pattern.
The term exploded beyond finance circles in late May, culminating in a reporter springing it on Trump during a May 28 press conference. Visibly irritated, Trump scolded the reporter, then launched into a rambling defense of his tariff decisions, insisting, “It’s called negotiation.”
TACO has since gained traction online and in political media, with some comparing its viral appeal to “Let’s Go Brandon.” Critics argue the nickname hits a vulnerable spot: Trump’s aversion to appearing weak. As The Bulwark’s Jonathan Last noted, TACO may push Trump toward riskier policies just to disprove it.
With search traffic surging 9,900% in two days, TACO may be more than a punchline—it could become a persistent thorn in Trump’s side during the 2026 campaign season.
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