There’s a new trade on Wall Street: the TACO trade, standing for “Trump Always Chickens Out.”

The term was coined by Robert Armstrong, a writer for the Financial Times, and is intended to capture how markets have fallen on Trump’s vow to impose steep tariffs on imports to the United States and then jump back up when Trump announces pauses on those tariffs.

Most recently, Trump on Friday vowed to impose a 50 percent tariff on goods from the European Union, causing markets to........

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