The Taco trade is the most popular feast in markets right now, but it still leaves a peculiar taste in the mouth.
The term, coined by my esteemed colleague Robert Armstrong, encapsulates the notion that Trump Always Chickens Out, particularly in relation to his beloved trade taxes, and that risky assets rise in response.
It pains me to admit that Rob came up with something so witty and apt before I could think of it, but he is spot on. The key piece of evidence was on April 9, when the US president “paused” the supersized tariffs that he had outlined a week before, on what he termed “liberation day”. Markets gagged on the details and he backtracked, at least in part.
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