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Global News
12 hours ago
- Business
- Global News
Trump lashes out at claim he's a ‘chicken' when it comes to trade
U.S. President Donald Trump may be many things, but he wants the world to know he's no 'chicken' when it comes to fiscal policy, despite what appears to be a tendency to recoil in the face of resistance from economic partners and foes — a behaviour financial analysts have coined 'TACO' trade. The president's propensity to threaten and then momentarily impose outrageous import taxes on U.S. trade partners, only to retreat when met with retaliation, paved the way for the acronym created by the Financial Times' Robert Armstrong. It stands for 'Trump Always Chickens Out,' and has come to encapsulate what Trump says is a legitimate form of negotiation. Under conditions created by his erratic manoeuvres, markets tend to sell off when a new tariff threat emerges and then recover after the president backs down. Story continues below advertisement When asked about the unfavourable phrase during a press conference in the Oval Office on Wednesday, the president appeared offended and rejected the notion that he has made a habit of backing out of deals. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy 'You call that chickening out?' Trump said. 'It's called negotiation.' The author of The Art of the Deal added that he sets a 'ridiculous high number and I go down a little bit, you know, a little bit,' doubling down on his position that it's an effective bargaining strategy. 'Six months ago, this country was stone-cold dead, we had a dead country, we had a country that people didn't think was going to survive, and you ask a nasty question like that,' he added. Trump defended his decision to raise tariffs on China to 145 per cent, only to reduce them to 30 per cent for 90 days during negotiations. Similarly, last week, he threatened to impose 50 per cent levies on goods from the European Union as of June — but swiftly delayed the start date until July 9 for negotiations, while the 10 per cent continues. Trump claims that the EU would not be negotiating if not for his threat of high tariffs. Similar debacles unfurled over electronics and the universal tariffs that Trump announced on April 2, which were based partially on individual trade deficits with other countries. Story continues below advertisement View image in full screen President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House on April 2, 2025, in Washington. Mark Schiefelbein/ Getty Images His see-sawing antics caused chaos in global stock markets, which have been forced to weather drastically fluctuating conditions. Trump claims that his global economic policy has created US$14 trillion in new investments in the U.S., a figure that appears to be inflated and is not sufficiently supported by official data. 'We have $14 trillion now invested … when Biden didn't have practically anything, Biden,' the president said. 'This country was dying, you know, we have the hottest country of anywhere in the world, I went to Saudi Arabia, the king told me,' the President concluded. As of Wednesday afternoon, the S&P 500 stock index was up slightly so far this year. But it was down as much as 15 per cent year over year, a reflection of the volatility that Trump's changing policies have created. Story continues below advertisement — With files from The Associated Press
Yahoo
18 hours ago
- Business
- Yahoo
When will Montana's leaders stand up to ‘TACO Don?'
Sen. Tim Sheehy, R-Montana, speaks to Kaitlan Collins on CNN about the Trump tariffs, confirming that Americans will feel economic pain (Screenshot CNN). It hasn't been a good week for the guy who decided he was going to be a king and spent his first four months in office ignoring the law, declaring phony 'national emergencies' and issuing 'royal edicts' disguised as executive orders. But things didn't go exactly as he hoped — to put it mildly. To start, Wall Street, which has been wracked by his on again-off again tariffs, came up with a new moniker for him: TACO. That stands for 'Trump Always Chickens Out' and is rooted in his failed attempts to pressure the nations of the world — including our longest and most loyal allies — with crushing tariffs to sell goods in the U.S. Of course this didn't sit well with his fragile ego and he demeaned a reporter who asked him what he thought of Wall Street's label, falsely claiming our nation was 'stone cold dead' before he took office and warning her to never use the term or ask that 'nastiest question' again. That did not keep TACO Don out of the headlines, however. Next up on the hit list was Elon Musk announcing his time with the Trump administration has 'come to an end.' While Tesla sales were cratering and his latest Starship rocket was blowing up, he added insult to injury by declaring that the 'big beautiful bill' Trump has been arm-twisting Congress to pass would accomplish the opposite of what he tried to do with the phony 'Department of Government Efficiency' to cut government spending. Although causing incredible hardship and damage abroad and at home — including here in Montana — by Musk taking a chainsaw to government agencies, DOGE didn't come close to meeting the goal of slashing a trillion dollars from the deficit. In fact, on his way out the White House door he warned:'I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing.' The worst, however, was yet to come when the Court of International Trade issued a permanent injunction against his tariffs, ruling: 'The challenged Tariff Orders will be vacated and their operation permanently enjoined.' The unanimous ruling, including a Trump-appointed judge, found the International Emergency Economic Powers Act of 1977, which Trump attempted to use to declare his emergencies, 'does not authorize the President to impose unbounded tariffs' and halted them immediately. Even though a federal appeals court halted the trade court's injunction for now, it is obvious that the law doesn't allow the president to slap the nation and world around, the entire premise on which his emergency declarations were based is phony. There is no Canadian fentanyl emergency and there is no rare earth minerals emergency threatening the nation's defense capacity. As noted in a recent article on the potential for recovering those minerals from Montana's Berkeley Pits which contains 50 billion gallons of toxic water: 'A single F-35 fighter jet uses 900 pounds of rare-earth metals.' If our national defense was so threatened, one might credibly ask why we then sell F-35s all over the world? TACO Don's 'golden age' is unravelling faster than 'the weave' of lies and threats in his incoherent speeches. One might think it would be a good time for Congress, including Montana's all-GOP delegation, to acknowledge the failed policies and propaganda, get up off their knees, and get back to working on realistic, humane, and long-term policies that benefit the nation and their constituents here in Big Sky Country — not prop up the would-be dictator in the Oval Office.
Irish Daily Mirror
a day ago
- Business
- Irish Daily Mirror
Tanaiste calls for 'calm dialogue' as Donald Trump dealt huge tariff blow
Tánaiste Simon Harris has called for calm dialogue on trade after a US court blocked President Donald Trump from imposing sweeping tariffs. The ruling from the New York-based Court of International Trade came after several lawsuits arguing the US president had exceeded his authority, left American trade policy dependent on his whims and unleashed economic chaos. The Trump administration is expected to appeal. It comes following another embarrassment for the US leader, as a new phrase, 'TACO', or 'Trump Always Chickens Out', has been coined to describe Mr Trump's approach to implementing tariffs. Tariffs are typically approved by the US Congress, but Mr Trump says he has the power to act because the country's trade deficits amount to a national emergency. A federal court in New York handed US President Donald Trump a big setback on Wednesday, blocking his plan to impose massive taxes on imports from almost every country in the world. A three-judge panel of the US Court of International Trade ruled that Mr Trump overstepped his authority when he invoked the 1977 International Emergency Economic Powers Act (IEEPA) to declare a national emergency and justify the sweeping tariffs. Mr Harris said 'calm and measured dialogue' represents the 'best way forward' to resolving trade differences between the EU and the US. He said: 'We note the ruling of the US Court of International Trade in relation to tariffs and also the fact that this ruling is being appealed. 'I want to stress the position once again today that what is required now is for both sides, the EU and the US, to engage in calm and measured dialogue, and to do so in good faith. 'The continuing uncertainty over tariffs is the source of serious concern for businesses, here in Ireland but also across the EU and the US. 'Businesses that are concerned about their cost base, their workers, and their plans to invest. 'We will continue to monitor the implications of the court decision in the US while keeping our main focus on the negotiations at hand.' It comes after Mr Trump said he will pause his threatened 50 per cent tariffs on the EU until July 9, following a 'very nice call' with European Commission president Ursula von der Leyen. In April, Mr Trump announced a 20 per cent tariff on EU goods being sold into the US. He later reduced that to 10 per cent until July 9 to allow for time for talks with Brussels on a potential agreement. Last Friday, the president claimed the talks were 'going nowhere' and recommended that the 50 per cent tariff rate come into effect on June 1. He rowed back on the decision on Monday, claiming Ms von der Leyen called him asking for an extension to the date. In another blow to Mr Trump, reports have suggested that the term 'TACO' is being used by Wall Street traders to describe the US President's constant U-turns on tariffs. In addition to changing tack on the EU tariffs, Mr Trump has rowed back on tariffs on China, Canada and the UK.
Yahoo
a day ago
- Business
- Yahoo
10 times Trump has threatened, then backtracked on, tariffs as 'TACO trade' jab gains traction
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. While Trump has imposed a number of sweeping tariffs that have been driving up costs for American businesses and consumers buying goods from overseas, he has threatened far more tariffs than he has carried through on. That has created a climate of uncertainty that has caused some businesses to lay off workers and delay investments, as well as led to volatility in the stock market. Some financial analysts have taken to calling Trump's on-again, off-again moves TACO trade or the TACO theory — an acronym for "Trump Always Chickens Out." (Asked by a reporter about the phrase, Trump called the question "nasty" and said, "It's called negotiation.") Here are 10 times Trump has threatened, then backtracked on, tariffs since he took office. Notably, in some cases, like threatened tariffs against Colombia, the administration did win policy concessions in other areas after it wielded the threat. But other tariffs threats have come and gone without other tangible results. In one of his latest tariff moves, Trump threatened last Friday to impose a 50% tariff on goods shipped into the United States from the European Union, saying the European countries weren't taking ongoing trade talks seriously enough. Trump said the tariff would go into effect on June 1, but two days later, he delayed it until July 9, after he said he had spoken with E.U. Commission President Ursula von der Leyen. Trump said she asked for the delay. Trump had threatened Europe with a 20% tariff as part of his "reciprocal" tariffs announced April 2. But hours after those tariffs were scheduled to go into effect, Trump reduced tariffs on Europe and most other countries to 10% for 90 days to give his administration time to work out individual trade deals. The tariff on European imports remains at 10%. Aside from the wider tariffs on the E.U., Trump announced March 13 on social media that he would impose a 200% tariff on wine imported into the United States from the E.U. after the E.U. threatened a 50% tariff on American whiskey. That threat came in response to Trump's earlier tariffs on European steel and aluminum. The tit-for-tat over alcohol never came to fruition, with European officials saying a week later that they would delay the threatened whiskey tariff until mid-April, pending negotiations with the United States. There have been no tariffs on European wines aside from Trump's blanket 10% tariff on all imports. Among Trump's first tariff targets were the United States' neighbors, Canada and Mexico. Just weeks into office, he signed an executive order imposing a 25% tariff on goods imported from Canada and Mexico, saying they weren't doing enough to stem the flow of fentanyl across the border. In response, Canada and Mexico announced their own retaliatory tariffs on U.S. goods, and Canadians began to boycott American brands. A day before the tariffs were set to be collected, Trump said he was pausing them for 30 days. He said he was making the pause because of actions Canada and Mexico said they were taking at their borders, though a number of those steps were already underway when Trump first announced his tariffs. Once the 30-day pause was up, Trump said March 4 that the 25% tariffs on Canada would go into effect. But two days after he implemented the tariffs on Canada and Mexico, he said he would pause them again until April 2 for most goods. When Trump announced wider tariffs for nearly all countries on April 2, Canada and Mexico were excluded. Despite the back-and-forth, there are no tariffs on most goods from Canada and Mexico that fall under the North American trade deal signed during Trump's first term. Trump said May 4 on social media that he was directing his administration to start collecting a 100% tariff 'on any and all Movies coming into our Country that are produced in Foreign Lands,' without giving any details about when or how it would be collected. A few hours later, the White House said that no final decisions had been made and that the administration was 'exploring its options.' By the afternoon, Trump said he would meet with industry officials to make sure they were 'happy' with his plan. The administration hasn't taken any action since the initial social media post. Trump announced a variety of tariffs on nearly every country in the world as part of his so-called reciprocal tariffs in an event dubbed 'liberation day.' Trump said it would 'forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed and the day that we began to make America wealthy again.' Those tariffs ranged from a baseline of 10% to a high of 49%. But on April 9, the day those tariffs were set to go into effect, Trump said he was pausing them until July 2 to have time to negotiate individual trade deals with the more than 90 countries that had reached out to his administration. In the interim, he said, he would put a blanket 10% tariff on nearly all countries. Since the "reciprocal" tariff pause, Trump has announced just one outline of a trade agreement with the United Kingdom. A trade court ruled Wednesday that Trump exceeded his authority to impose those tariffs. The Trump administration is appealing that ruling, and for now, the tariffs remain in place. Tariffs against China have been one of Trump's most consistent threats — he has accused it repeatedly of 'ripping off' the United States with unfair trade practices. Trump had ratcheted up his tariffs on China over several months to more than 145% in April, a level that caused businesses to halt shipments coming from China and pause future orders. But just as the last of the pre-tariff imports from China had arrived in U.S. ports and shipments from China were on track to tumble, Trump said he was lowering the tariffs to 10% for 90 days, giving U.S. and Chinese officials time to begin trade discussions after an initial meeting between Treasury Secretary Scott Bessent and his Chinese counterpart. Trump left a separate 20% tariff in place related to the country's production of the ingredients in fentanyl. The trade court ruling Wednesday struck down both the 10% and the 20% fentanyl tariffs, though they remain, for now, while the appeals process continues. Days after he increased tariffs on China to at least 145%, Trump created a carve-out for iPhones and some other electronics made in China, lowering the tariff rate for them to 20%. Still, Trump has continued to push for iPhones to be made in the United States, not other lower-cost countries, like India, where Apple has said it is increasingly shifting manufacturing. Trump said last Friday that he would impose a 25% tariff on iPhones and other smartphones, regardless of where they were made, starting at the end of June. But senior administration officials seemed to walk back Trump's demands that iPhones be made in the United States, as well as the scope of any potential tariffs. Bessent said it was the chips in the phones, not necessarily the phones themselves, that Trump wanted to see made in the United States. National Economic Council Director Kevin Hassett said a few days later that the administration doesn't want to 'harm Apple,' and he referred to the move as 'a tiny little tariff on them right now, to try to negotiate down the tariffs.' On Trump's sixth day back in office, he ignited a trade spat with Colombia that lasted less than 24 hours. Trump threatened Colombia with a 25% tariff after its president barred two U.S. military aircraft carrying migrants from landing in the country. The United States is a major importer of coffee, flowers and produce from Colombia. Colombia responded with its own 25% tariff on U.S. products. But it soon said it would allow the flights, and the two countries backed down on their trade war threats. Trump said he would impose steep tariffs on toymaker Mattel — even if it moves its overseas production out of China — after its CEO said it was looking to shift more production out of China but didn't see it moving to the United States. 'That's OK, let him go, and we'll put a 100% tariff on his toys, and he won't sell one toy in the United States, and that's their biggest market,' Trump said in the Oval Office on May 8. Trump had said children in the United States would simply have fewer dolls if the cost of the toys increased because of tariffs. Trump has since suggested that the United States is more interested in bringing higher-skilled manufacturing with a national security element to the country rather than lower-cost consumer goods. 'I'm not looking to make T-shirts, to be honest. I'm not looking to make socks. We can do that very well in other locations,' he said Sunday. 'We are looking to do chips and computers and lots of other things, and tanks and ships.' Trump announced a 25% tariff on all auto imports effective April 3 that would apply to any vehicle not assembled in the United States, which would account for nearly half of all vehicles sold in the country. About a month later, he signed an executive order easing some of those tariffs, addressing concerns that they would drive up the cost of cars assembled in the United States with parts imported from other countries. Trump later said he would reduce tariffs for cars made in the U.K., such as those by Land Rover and Aston Martin, to 10% under a tentative trade agreement between the United States and the U.K. that officials on both sides continue to negotiate. This article was originally published on
Time of India
a day ago
- Business
- Time of India
Asked about 'TACO' and tariffs, Trump lashes out at reporter
File photo: US President Donald Trump (Picture credit: AP) US President Trump, it would seem, is not one for a "TACO." The taco in question is not a dish made with tortillas, but rather a reference to how markets are responding to his tariff policies. The TACO trade, short for Trump Always Chickens Out, is a tongue-in-cheek term coined by Financial Times columnist Robert Armstrong. It has been adopted by some analysts to describe the potentially lucrative pattern in which markets tumble after Trump makes tariff threats, only to rebound sharply when he relents and allows countries more time to negotiate deals. The president has spent years cultivating a reputation for political muscle. So when he was asked by a reporter in the Oval Office on Wednesday whether the term might be a valid description of his approach to tariffs, Trump reacted with ire. "I chicken out? I've never heard that," he said. "Don't ever say what you said," he told the reporter. "That's a nasty question. To me, that's the nastiest question." But gyrations driven by the president's on-again, off-again tariffs are by now taken for granted on Wall Street. Markets jumped Tuesday, after Trump delayed a proposed 50% tariff on the EU that he had threatened few days earlier.
