Wall Street’s TACO Trade Runs Into a Problem of Its Own Making

For some nine months now, the TACO trade has proven a reliably winning one on Wall Street.

Short for “Trump Always Chickens Out,” it emerged in the wake of the US president’s global tariff rollout — and rollback — last April. It quickly became the rallying cry for investors tuning out the more extreme White House threats as they kept buying risky assets.