Core Viewpoint - The term "TACO" (Trump Always Chickens Out) has emerged in the financial circles of Wall Street, reflecting President Trump's inconsistent trade policies and potentially leading to increased market volatility [1][4][6]. Group 1: Trade Policy Uncertainty - Since May, uncertainty regarding trade policies has significantly decreased from its peak in early April, but has recently surged again due to the re-emergence of tariffs and restrictions [1]. - Trump's trade policies have shown a pattern of unpredictability, with threats of 50% tariffs on the EU followed by extensions of implementation deadlines [3]. Group 2: Market Reactions - The "TACO" acronym was coined by Robert Armstrong of the Financial Times to describe Trump's tendency to issue high-stakes threats only to back down under market pressure or negotiation [4]. - This pattern has become a market norm, where Trump's tariff threats often lead to stock price declines, but subsequent policy reversals result in rapid market rebounds [4][5]. - Despite the volatility caused by Trump's trade threats, the U.S. stock market recently recorded its best May performance since 1997, indicating that market participants are beginning to seek rebound opportunities following Trump's threats [5]. Group 3: Trump's Response to "TACO" - Trump's reaction to the "TACO" term has been intense, as he perceives it as an attack on his strength as a negotiator, which he finds unacceptable [4][6]. - A source indicated that Trump cannot tolerate the perception that his tariff adjustments reflect weakness, as he prides himself on being a tough negotiator [5]. - Following a court ruling that limited his authority to impose tariffs, Trump chose to appeal rather than back down, suggesting that he views "TACO" as a personal challenge [6]. Group 4: Implications for Future Trade Policies - Trump's determination to counter the "TACO" narrative may lead him to adopt a more aggressive stance in trade negotiations, potentially at the expense of economic and social considerations [6].
被“TACO”惹毛的特朗普，市场不确定性又回升了
Hua Er Jie Jian Wen·2025-05-31 03:54