Trump’s tendency to back off of his most extreme threats recently inspired a Financial Times writer to coin the phrase “ TACO trade ,” for “Trump Always Chickens Out.” But regardless of his reversals,

Donald Trump’s inconsistent tariff policies have drawn criticism and mockery from Wall Street, with financial experts coining the term “TACO Trade” to describe his tendency to threaten tariffs and then back down.

Tariffs were a defining promise of President Donald Trump's campaign, and they have been a defining feature of his second term in office. But just over five months in, many of his tariff proclamations haven’t turned into reality.