(The Hill) - 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 President Donald 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, on Friday, Trump vowed to impose a 50% tariff on goods from the European Union, causing markets to fall.

Trump says he has 'good call' with European Commission president

On Sunday, he said he had a "good call" with European Commission President Ursula von der Leyen, and that he was giving the EU until July 9 to reach a deal with the U.S.

Markets reacted positively to that news on Tuesday:

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