TACO = “Trump Always Chickens Out”。
意思是：市场认为特朗普先放出很强硬的关税、制裁或其他政策威胁，导致风险资产先跌；但后面又常常延后、弱化或撤回，于是市场再反弹。这个预期就形成了所谓 TACO trade。
From X
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