Wall Street loves a catchy acronym, and the “TACO trade” has captured the mood, as investors and analysts attempt to make sense of the roller-coaster market action that has followed President Donald Trump’s sweeping tariff threats and subsequent walk-backs.

The acronym, TACO, stands for “Trump Always Chickens Out” and was reportedly coined by a Financial Times columnist, according to The New York Times.

Robert Armstrong, US Financial Commentator for the Financial Times and Charlotte Howard, Executive Editor for The Economist join Nicolle Wallace on Deadline White House with reaction to the federal trade court’s ruling on some of Trump’s tariffs,