Wall Street loves a catchy acronym, and the “TACO trade” has captured the mood, as investors and analysts attempt to make sense of the roller-coaster market action that has followed President Donald Trump’s sweeping tariff threats and subsequent walk-backs.

The acronym, TACO, stands for “Trump Always Chickens Out” and was reportedly coined by a Financial Times columnist, according to The New York Times.

Ongoing US-China trade tensions and volatile policy shifts have left investors caught between betting on tariff deescalations and bracing for increased uncertainty.