King Charles III makes historic trip to Canada amid US annexation threats
He became the first British monarch in almost 70 years to preside over the opening of the Canadian parliament
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The National
7 hours ago
- The National
The 'Taco Trump' jibe proves that words do really matter
It's one of the most famous quotes from Shakespeare: 'What's in a name? That which we call a rose by any other name would smell as sweet.' Juliet says it about Romeo, suggesting she loves him not for his family connections but for who he is. In modern politics however, especially in the US, names and name-calling in the Donald Trump era seem to have a different significance, and it's not so sweet. American media outlets are full of observations about the nickname given to Mr Trump by Wall Street insiders. He is known, they say, as 'Taco Trump', but not because of his fondness for those crispy Mexican delicacies. It's for his fondness for tariffs that are put on foreign imports at extremely high levels and then reduced – and then maybe reimposed and reduced again. The 'Taco' tag stands for 'Trump Always Chickens Out' meaning that he talks tough, makes an announcement but when confronted by resistance or jitters in the bond market, he backs down. Mr Trump has described the nickname as 'nasty', but he himself is the king of nicknames and clickbait-friendly put-downs. He repeatedly referred to his predecessor Joe Biden as 'Sleepy Joe'. He talked of 'Crooked Hillary' Clinton. He sums up his entire political philosophy in four letters – not Taco but 'Maga', which stands for 'Make America Great Again'. It's not clear exactly when America ceased to be great, but that isn't the point. Maga is a stroke of genius. It means that any American voter can think of anything in their lives that they don't like, and Mr Trump's slogan somehow might miraculously fix it. Outside the US, in some other countries Maga has come to mean 'Make America Go Away' and stop tariffs unsettling the world economy. There are even ruder terms in circulation that I won't quote here but which are used to describe the Trump-inspired market fluctuations. This market volatility has been noted by investors who – if they assume that tariff uncertainty is pushing markets up and down – may be able to choose how to buy in the dip and sell on the upturn at a profit. Reuters quoted Mark Spindel, the chief investment officer of Potomac River Capital, observing that the market is caught 'in a pinball machine as a result of [Mr Trump's] policymaking process'. The White House official line is that Taco and the other jibes are 'asinine acronyms', but the fact they have had to respond suggests Mr Trump and his staff are well aware of the communication skills involved in making a neat – if nasty – nickname or observation. It's a skill that Mr Trump has himself used for years. Why? Because it works. The stark truth about politics and economics in the 21st century is that most voters don't have the patience, the inclination or even the skills to analyse economic or trade policies. What tariff should be on imports of beef? How about cars or clothing or iPhones? What are the implications? Will the share prices of importers and manufacturers go up or down? Most of us don't know, and perhaps most of us don't care, until the car or washing machine or clothes we plan to buy suddenly go up in price. But a brief phrase or nasty nickname cuts through where a PhD in economics or a disquisition on the benefits of free trade may not. The Taco jibe has also sparked off a creative deluge of another kind. On social media there are now endless memes, some showing Mr Trump in a yellow chicken suit, sometimes covered in tacos. When popular culture picks up a meme or a slogan like this – as all those Maga hats prove – then words really do matter and they cut through. So what should Mr Trump do about the Taco jibe? Nothing, probably. Ignore it. But it will not go away. California Governor Gavin Newsom, a probable candidate for the Democratic Party's presidential nomination in 2028, jokes publicly that 'it's raining tacos'. Other Democrats, who have seemed silent or even neutered by the Trump blitz on Washington, have picked up the serious point. For them, the Taco jibe sums up in four letters the Trump administration's apparent economic incoherence in the way tariffs are being used. Until most voters notice changes in prices to the things they want to buy but can no longer afford, the economic arguments may be lost. But the political capital from the nickname, especially the alliteration of 'Taco Trump', is appearing on outlets ranging from the sober pages of The New York Times to the lower depths of clickbait social media. For Mr Trump's opponents, it's a useful propaganda tool. And it may have wider implications, too. This is a President who suggested he could end the Ukraine war in 24 hours, change China's lucrative US trade imbalances and solve the problems of Gaza. Faced with leaders like Vladimir Putin, Xi Jinping and Benjamin Netanyahu, perhaps the Taco tag and the idea that 'Trump Always Chickens Out' is something the world's hard-nosed leaders may already be considering.
Zawya
8 hours ago
- Zawya
Trump tariffs stoke supply chain worries for US businesses, survey shows
A majority of U.S. business owners are worried about supply chain disruptions from President Donald Trump's sweeping tariffs, a survey by insurance brokerage Gallagher showed on Tuesday. WHY IT'S IMPORTANT The findings come as Trump's tariff policies raise fears of renewed trade friction, posing risks of strained operations, higher costs and disrupted sourcing strategies for U.S. businesses across sectors. The trade war has already cost companies more than $34 billion in lost sales and higher costs, a Reuters analysis of corporate disclosures, showed last week. KEY QUOTES "Our survey showed supply chain disruptions were a concern to business owners, with 90% reporting they are concerned about the impact of tariffs on their businesses," Chairman and CEO J. Patrick Gallagher told Reuters. "Global supply chains, strained by geopolitical conflicts and extreme weather events, remain vulnerable to disruptions," he said, adding that owners are taking steps to ensure they are diversified and protected from potential impacts. BY THE NUMBERS In a survey of 1,000 U.S. business owners, 72% said they are very concerned about cyber attacks over the next 12 months, while 69% cited supply chain disruptions and severe weather as top risks. On top of that, nearly all U.S. business owners said they are at least somewhat concerned about the impact of AI on their business over the next 12 months, up from 85% a year earlier. Among U.S. business owners with insurance coverage, nearly 87% made a claim in 2024. For most, each of those claims was $25,000 or more, but only some of those claims were covered by various policies, the Gallagher survey showed. CONTEXT Supply chain stability is critical for businesses to manage costs, meet customer demand on time, and maintain smooth operations without unexpected delays or inventory shortfalls. The backdrop of geopolitical tensions, climate-related disruptions, and rising cybersecurity threats has added to the uncertainty facing U.S. companies. (Reporting by Manya Saini in Bengaluru; Editing by Shounak Dasgupta)
Zawya
9 hours ago
- Zawya
US stock futures dip as investors await trade negotiations
U.S. stock index futures slipped on Tuesday as investors awaited possible negotiations between the United States and its trading partners for more clarity on the tariff war that has roiled financial markets for months. President Donald Trump and Chinese leader Xi Jinping are set to speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating an agreement to roll back tariffs and trade restrictions. Meanwhile, the Trump administration wants countries to provide their best offer on trade negotiations by Wednesday as officials seek to accelerate talks with multiple partners ahead of a self-imposed deadline in just five weeks, according to a draft letter to negotiating partners seen by Reuters. Trump said last week he planned to double tariffs on imported steel and aluminum to 50% starting on Wednesday, fuelling fresh concerns among investors and impeding global stocks' march to record highs. In May, however, a softening of Trump's harsh trade stance allowed a recovery in risky assets, with the benchmark S&P 500 and the tech-heavy Nasdaq posting their biggest monthly percentage gain since November 2023. The S&P 500 remains less than 4% away from its record highs touched in February. "Market sentiment cannot find an anchor since trade policies remain fluid," said Kathleen Brooks, research director at XTB. The Organisation for Economic Cooperation and Development revised its global growth forecast down to 2.9% for 2025, from 3.1% expected earlier, citing the effects of Trump's trade war on the U.S. economy. Deutsche Bank, however, raised its year-end target for the S&P 500 to 6,550 from 6,150, citing lower tariff-related pressure on earnings and a resilient economy. At 07:22 a.m. ET, Dow E-minis were down 132 points, or 0.31%, S&P 500 E-minis were down 14.5 points, or 0.24%, and Nasdaq 100 E-minis were down 26.75 points, or 0.12%. Most megacap and growth stocks were down in premarket trade. April factory orders and JOLTS job openings data are scheduled for release at 10:00 a.m. ET. U.S. central bank officials including Fed Board Governor Lisa Cook, Chicago Fed President Austan Goolsbee and Dallas President Lorie Logan are due to speak through the day. Later in the week, monthly jobs data may offer more signs on how trade uncertainty is affecting the world's biggest economy. In stocks, Pinterest rose 3.8% after raised its rating to "overweight" from "neutral". Constellation Energy rose 13.9% after Meta Platforms said it had struck a power agreement with the utility's nuclear plant. Dollar General rose 10.8% as the discount retailer raised its annual sales forecast after surpassing quarterly sales expectations. (Reporting by Kanchana Chakravarty and Sukriti Gupta in Bengaluru; Editing by Devika Syamnath)
