A useful rule, when trying to understand current affairs, is AAL: Acronyms Always Lie.A case in point would be the acronym of the year so far: TACO (Trump Always Chickens Out). It means that Donald Trump is always bluffing and, when push finally comes to shove, he folds.TACO has caught on since Liberation Day and the onset of Trump 2.0’s tariff agenda, and is now deployed again and again to describe the President’s latest ceasefire with Iran. Over free trade, Greenland, and the Middle East, he’s shown himself to be a playground bully who loves to intimidate adversaries only to cave whenever the going gets tough.Market analysts like to talk about “the TACO trade” – the idea being that, while the media pulls its hair out over the President’s latest antics, the smart money knows that he won’t actually upend the global financial system.TACO delights NeverTrumpers because it so directly contradicts the President’s idea of himself as a bold and world-changing leader who makes the tough decisions others can’t........

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