Trump Backs Down on Taking Greenland by Force

For much of last year, something called the “TACO trade” became quite the sensation on Wall Street. Short for “Trump Always Chickens Out,” it was an often-profitable bet the US president’s tariff threats against countries and industries would eventually end with him backing down and declaring victory. Though—and especially in the case of China—this sometimes resulted in a “deal” more favorable to the target than the US. While doubts have been growing about the TACO trade’s efficacy, Wednesday’s rousing market close showed there still may be something to it. After weeks of fresh threats to buy, annex or invade Greenland,…