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2 hours ago
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Wall Street Has a New Secret Code for Laughing Behind Donald Trump's Back
Wall Street traders have adopted a term to mock President Trump's flip-flopping trade policy. TACO, an acronym that stands for 'Trump Always Chickens Out,' was coined by Financial Times columnist Robert Armstrong. It has since become a favorite among stockbrokers. Simply put, the tongue-in-cheek term describes how markets dip on President Trump's tariff threats, only to rebound when he inevitably reverses course. In the latest example, markets rallied earlier this week after Trump delayed the 50 percent tariff on the European Union that he had threatened just days earlier. In response to his relenting, the S&P 500 posted its biggest gain in weeks. Speaking on MSNBC Tuesday, Australian economist Justin Wolfers mocked Trump by saying this tariff policy 'nearly lasted one entire long weekend.' 'He was a little unlucky. There was Memorial Day, extended the weekend to three days, and you couldn't have a tariff policy last a full weekend. So, Friday's policy was reversed by Monday. And so, we get to analyze it today on Tuesday. And I think that's really symptomatic,' he said. Suggesting that Trump's word is worth very little in certain circumstances, including tariff threats, Wolfers used the example of Wall Street's new favorite acronym. 'In fact, on Wall Street right now, and it's one level funny and another level tragic. There's a trade called the TACO trade, T-A-C-O, Trump Always Chickens Out,' he said. Wolfers had said Trump's word now lacks 'credibility.' 'There was a time when the president opened his mouth, when you had to pay attention because you thought it meant something, that it was a shift in policy that other countries could rely on and respond to. That's no longer the case,' he said. Salomon Fiedler, an analyst from German bank Berenberg, is just one of many speculators who now say they are happy to wait it out when Trump makes a threat. 'Wild threats by Trump are not unusual,' he wrote in a note last month, when the president 'paused' the super-charged 'Liberation Day' duties he imposed on a slew of countries. 'Given the damage the U.S. would do to itself with this tariff, he will probably not follow through.' Trump paused the duties to allow his economic buffs to secure renewed deals with dozens of nations. So far, only the United Kingdom and China have inked any sort of agreement. Sign in to access your portfolio
Yahoo
6 hours ago
- Yahoo
British backpacker faces 20 years in jail over fatal e-scooter crash
A British backpacker is facing up to 20 years in an Australian jail after being charged with killing a pedestrian she hit while riding an e-scooter. Alicia Kemp, 24, is alleged to have been three times the legal alcohol limit when she collided with Thanh Phan, a 51-year-old engineer said to have been standing on a footpath. Mr Phan, a father of two, had been waiting to cross the road in Perth's central business district when Ms Kemp, who had a passenger on the e-scooter, struck him on May 3. Mr Phan died in hospital from brain passenger, understood to be a 26-year-old friend of Ms Kemp, suffered a fractured skull and a broken nose. Ms Kemp, a psychology graduate from Redditch, Worcs, was denied bail when she appeared in court in Perth charged with dangerous driving occasioning bodily harm and dangerous driving occasioning death. The magistrate said she was too great a flight risk to be freed on bail. If convicted, the maximum penalty is 20 years' imprisonment. Ms Kemp was supported in court by her family, who travelled from the UK, and her boyfriend, with whom she was touring the world. She graduated from Nottingham Trent University with a BSc in psychology with criminology, before completing a masters in forensic mental health. She went on to work with children in care who had emotional, behavioural, physical and intellectual difficulties. In the summer of 2023, she began a two-year trip around the world, posting her adventures on TikTok and describing herself as a 'digital nomad'. She worked as an English teacher in Vietnam and volunteered at an animal shelter in the Philippines. She was in Australia on a four-month working holiday visa, and had been working at Durty Nelly's Irish Pub in Perth. The police have claimed she was travelling at speeds of up to 15mph before she hit Mr Phan from behind. She was said to have been drinking since 2.30pm and the collision happened after 8pm. Prosecutors told the court her 'inexplicably dangerous' riding was captured by CCTV, and other pedestrians had to 'take evasive action' as she allegedly rode the e-scooter on the footpath. She was said to have had a blood alcohol level of 0.158. Local laws dictate that those riding electric vehicles like e-scooters must have a level below 0.05 to drive. As a result of the collision, the city of Perth suspended the hire of e-scooters. Dr Michael Page, the West Australia president of the Australian Medical Association, told that at least one person a day was admitted to trauma units in the state with major injuries caused by e-scooters. He added that the number of patients with really serious injuries had been increasing. 'It's really a scourge in terms of injuries in our society and the problem with these council-endorsed private hire e-scooters in city centres is people are hopping on without any experience [of] riding e-scooters,' he said. 'They're often intoxicated. They might be riding at night. They might not be wearing proper protection and so the chance for something to go wrong is very, very high.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
13 hours ago
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Readers sound off on Keir Starmer, orange air and a handheld fan ban
Edinburgh, Scotland: It was only a matter of time before U.K. Prime Minister Keir Starmer went down the predictable Tony Blair route of mistaking himself for a latter-day military messiah. 'Peace through strength' (Starmer at a Dublin steel factory, backed by unimpressed workers) is word-waffle, mind-bending nonsense, up there with Blair's weapons of mass destruction as a motive for diverting significant tax income from helping people to hurting people. Recent shameful figures show that Starmer's refusal to move the two-child benefit cap has plunged even more children into poverty. Add to that the betrayal of the elderly, women done out of pension entitlement, the young (Starmer abandoned a previous pledge by the Labour Party to ease student debt) and Labour's shocking role in the slaughter of Gaza — Starmer's ridiculous saber-rattling is clearly a WMD moment. Whereas the lunatic drunkard woman-abuser U.S. Defense Secretary Pete Hegseth is touting China as the existential threat, Starmer has Vladimir Putin as the main bogeyman already under our beds. That would be the same Putin who has entirely failed to overrun Ukraine, despite thinking he'd have it all done and dusted in a couple of months. Instead, he has — yes — killed many thousands of innocent people, but also decimated Russia. We should all worry, but not because of Starmer's fear-mongering. We should remember just how far weak leaders are prepared to go to cover their failures. Amanda Baker Bronx: Voicer Tal Barzilai thinks Zionists shouldn't be criticized for their reprehensible behavior, but their genocide speaks for itself, and the efforts to starve Gazans is further cruelty. This has been the terrorist Zionist plan all along. Tal then makes specious claims about Jews being the so-called true indigenous people of the region. By that reasoning, since I have Celtic heritage, I should be given free rein to kick a Jewish family out of a European home simply because Celts occupied that area 3,000 years ago. Tal, for 2,000 years it wasn't your land. Time moves on. Please stay relatively safe and secure in New York, the real promised land. You are the unreasonable one. Nick Smith Bronx: To Voicer Jessica Balter: You got it all right on 'actions speak louder' than Mayor 'Avarice' Adams' rhetoric. He runs as an 'Independent' to give folks like me a bad name, skip debates that might show the truth of his corrupt administration and disinvite media events where he can't direct the narrative. It is so telling that as he runs NYC as if it is his private taxpayer public zoo, Greta Thunberg, recognizing the intersection of social issues, braves the open spaces with an international group of do-gooders sailing forward with donated aid for Palestinians under the threat of being 'blown out of the water' with them. It is so telling that other N.Y. officials are also speaking the ills of Adams while operating in his same contaminated, incandescent, yet camouflaged dark space. Dale Benjamin Drakeford Howard Beach: If New York truly wants to keep the city more affordable, why don't they stop increasing property taxes twice a year? Victoria Costanza Manhattan: Though we still think Canada and the Midwest are far away and not part of our lives here in New York, thank you, Daily News, for continuing to confront us with our reality ('City girds for bad air from Canada fires,' June 4). Twenty-five thousand Canadians fleeing their homes, air rated as 'very unhealthy' in Minneapolis — 'Eh, tough!' Wait a minute! 'City girds.' Is that New York City? Is that us? You mean our air could be turning orange again because of Canadian fires ignited in too-dry underbrush? Too dry from carbon dioxide emissions bouncing the Earth's heat back to itself? Same old oil and gas at fault? Wait a minute! Our legislators better not return home from Albany without first passing the NY HEAT Act and convincing Gov. Hochul to unleash the Cap-and-Invest program. Thomas A. Caffrey Brooklyn: Does anybody know what the tariff rate is for the smog Canada is exporting to the U.S.? Damo Baliga Wappingers Falls, N.Y.: I am appalled that Direct TV's charming 'chatty pigeons' TV ads were followed by an ad from Dish Network featuring a child gleefully throwing stones at representations of pigeons while an adult urged her on. Indeed, this company's website features targets on the same pigeons. Pigeons were hailed as heroes who played an important role in World War I, relaying vital messages, saving lives and contributing to the Allied war effort. An award for bravery was bestowed on 32 pigeons for their wartime service. Unfortunately, due to ignorance, prejudice and wrong information, pigeons, like many animals, subsequently became subjects of derision and mocking. Think what Dish did is allowable because they only use statues? If Dish showed ads of kids throwing stones at statues of any ethnic group, it'd be shut down immediately. Please boycott Dish for wanting to capitalize on teaching cruelty. Yliana Franco Merion Station, Pa.: Now that Defense Secretary Pete Hegseth has chosen Pride Month to remove the name of Harvey Milk, a gay Navy veteran, from a ship, will he also remove the names Kościuszko and Pulaski from military assets during October's Polish American Heritage Month? Will he dare erase African-American names during February's Black History Month, women's names during March's Women's Heritage Month, or those of Asian/Pacific Islanders during May's Asian Pacific American Heritage Month? Native Americans should beat Hegseth at his own game and demand that the Defense Department stop using tribal names and symbols on its weaponry. Gone would be helicopters named for Apache, Black Hawk, Chinook, Lakota, Kiowa, Comanche, Creek, Cheyenne, Little Bird and Arapaho tribes as well as Tomahawk missiles. Paul L. Newman Milford, Pa.: I was sorry to read about Voicer Mahatma Kane Jeeves's problems running his business in the current economic climate. I just watched President Trump on Fox News, and he let everyone know the American economy is booming. So hang in there, Voicer Jeeves. The Trump economic boom should be heading your way soon. Trump, the businessman with so many successful business ventures on his resume, surely knows what he is talking about. He would never mislead or lie to the American people. John Hirt Linden, N.J.: Different news sources and S.E. Cupp ('Trump just can't deliver on any of his promises,' column, June 5) keep stating that the Big Beautiful Bill is loaded with 'pork.' How about illuminating these frivolities and their contributors so that we uninformed taxpayers can remember them when it's time for reelection? C. Olbrys Hammonton, N.J.: S.E. Cupp forgot that Trump did fulfill his promise to secure our border and deport illegals. No bill will reduce our deficit because nobody in Congress wants to risk their jobs to save our nation. We need term limits for that. The Ukraine war will only end if Vladimir Putin withdraws or the Russian army is destroyed. Presidents not keeping promises is not our biggest problem; the impotent, self-serving Congress is. Cupp's hatred for Trump really is an unhealthy obsession that undermines her credibility. I have never liked any presidents in my lifetime and certainly have never trusted Congress, but I don't obsess over it. I just work and try to live a productive life. William Cook Whitsett, N.C.: Handheld fans are a newly banned item on ships. If you cruise and plan to line dance with a handheld fan, it's now banned from use in the club on Carnival ships, and I'm sure that if one ship brand does a ban, then others will follow. So no 'Boots on the Ground: Where Them Fans At?' song line dance with a fan in your hand will be allowed. Perhaps the company has either discovered or suffered a liability when someone gets hurts by someone using the fans on the dance floor, which I can imagine if one accidentally hits someone in their eyes, for example. It can cause a lot of potential damage for someone, indeed. Dee Neveu
