Trump’s trillion-dollar TACO that wasn’t: Iran confronts the master of the deal with a partner he can’t bully

After roiling oil markets over the weekend with an ultimatum on Iran, he declared victory before the opening bell, posting about 15 points of agreement and pausing his threat to bomb the country’s power plants. Nearly $2 trillion was moved within minutes as Wall Street clamored to do what it has learned to do with this president: put some TACO dip on its proverbial chip. TACO—Trump Always Chickens Out—became the defining trade of last year’s tariff wars after the shock dip on “Liberation Day” last April. The term was coined by FT journalist Robert Armstrong to describe the pattern Trump…