President Trump is not a fan of a new nickname on Wall Street suggesting he’s a chicken for repeatedly threatening high tariffs on imported goods, then walking back those plans when push comes to shove.
The president was asked at a Wednesday press conference how he feels about financial analysts dubbing his policies “TACO” trade — an acronym standing for “Trump Always Chickens Out.”
“You call that chickening out? … It’s called negotiation,” Trump fired back, visibly upset.
He said he begins negotiations with a “ridiculous high number,” which he later reduces when he feels the time is right. He defended his approach, claiming that he’s saved America from being a “dead country.”
“Don’t ever say what you said,” Trump told the reporter who asked about the nickname being embraced by traders. “That’s a nasty question.”
One of the president’s most aggressive tariffs was a 145% tax on Chinese goods being sold in the U.S. He quickly rolled that back to 30% for a period of 90 days while trying to reach a new deal.
Last week, he threatened to impose a 50% tariff against the European Union beginning in June. That number now sits at 10% until July 9 if it isn’t changed again.
Even before becoming president in 2017 and again in January, Trump insisted other countries are ripping off the U.S. when it comes to trade. He believes tariffs could level what he sees to be a slanted playing field.
The president’s tariff war has been largely blamed for wild market fluctuations. The Dow Jones closed nearly 250 points below where it opened on Wednesday.
With News Wire Services
