Overview

• The acronym TACO—short for “Trump Always Chickens Out”—was coined by Financial Times columnist Robert Armstrong in early May to describe investors buying dips after Trump backs off announced tariffs.
• Interest in the term has surged into mainstream awareness with Google searches for “Donald Trump” plus “TACO” rising nearly 10,000% and AI-generated memes proliferating on X, Bluesky and TikTok.
• President Trump has bristled at questions about TACO, calling them “nasty” and defending his tariff shifts as strategic negotiation tactics rather than retreats.
• Rep. Eric Swalwell amplified the jab with a viral TikTok video eating a Taco Bell taco in response to the TACO acronym, drawing sharp criticism from conservative commentators.
• Economists and foreign policy analysts warn that as TACO gains traction, Trump may hold tougher tariffs or unfulfilled threats abroad just to counter the taunt, with potential impacts on trade and diplomatic talks.