Trump lied 12 times in a year, and Wall Street's TACO finally stopped buying it.
On April 9, 2025, the S&P 500 surged 9.52% in a single day, marking the largest increase since 2008. The reason was not the introduction of any favorable policy but rather Trump's announcement that reciprocal tariffs would take effect that morning, followed by a sudden announcement at noon to suspend them for 90 days.
This was not a coincidence. From that day on, Wall Street coined a term for this pattern, calling it TACO, Trump Always Chickens Out. Over the past 14 months, this pattern has repeated at least 12 times. Each threat, each retreat, each market rebound. But the events in Iran on March 23 show that this once highly profitable trading strategy is failing.