Trump defends tariff strategy: U.S. President Donald Trump lashed out in response to Wall Street’s new acronym for his shifting tariff policy—TACO, short for “Trump Always Chickens Out.”
During a brief exchange in the Oval Office following the swearing-in of Interim Attorney for the District of Washington, Jeanine Pirro, CNBC White House correspondent Megan Casella asked Trump about growing skepticism surrounding his tariff threats.
“Mr. President, Wall Street analysts have coined a new term called the TACO trade. They’re saying ‘Trump always chickens out’ on your tariff threats. And that’s why markets are higher this week. What’s your response to that?” Casella asked.
Visibly angered, Trump dismissed the label, which originated from Financial Times columnist Robert Armstrong’s commentary on how markets view the administration’s tariff moves.
Still on Trump defends tariff strategy
“Oh, isn’t that nice. Chicken out. I’ve never heard that,” Trump responded sarcastically before becoming defensive. “You mean because I reduced China from 145% that I set down to 100 and then down to another number. I said you have to open your whole country.”
He continued, “And because I gave the European Union a 50% … tariff and they called up and they said, ‘Please let’s meet right now.’ And I said, ‘I’ll give you until July.’ … you call that chickening out?”
Trump went on to defend his negotiation tactics, claiming, “Six months ago, this country was stone-cold dead. People didn’t think it would survive, and you ask a nasty question like that. It’s called negotiation… Don’t ever say what you said. That’s a nasty question.”
On April 2, a day he labeled “Liberation Day,” Trump announced a 10% baseline tariff on imports, followed by a series of customized tariffs targeting nearly every country. However, just before these tariffs were set to take effect, he postponed all but those on China until July 8 to allow time for rapid trade negotiations, prompting a rebound in financial markets.
The administration has since reached a temporary agreement with China, reducing tariffs to around 30% while discussions continue.
“We have \$14 trillion committed to investing when Biden didn’t have practically anything — this country was dying,” Trump added. “You know, we have the hottest country anywhere in the world.”
He also referenced a meeting with the Saudi king, claiming, “The king told me, he said, ‘You have the hottest country in the world right now.’”
Earlier in the week, Trump extended the tariff deadline for the European Union from June 1 to July 9, after speaking with EU President Ursula von der Leyen. He has threatened to impose 50% tariffs on the bloc if negotiations don’t yield favorable terms.
Previously, the Trump administration imposed 25% tariffs on automobiles, aluminum, steel, and certain imports from Canada and Mexico not covered by the United States-Mexico-Canada Agreement—on top of a standing 10% baseline tariff and the 30% rate currently applied to China.
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