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Fortune

Eleanor Pringle

Jamie Dimon says Trump was 'right to chicken out' on tariffs but markets are getting too complacent

Donald Trump Jamie Dimon Paul Donovan UBS Fortune JD Vance JPMorgan JPMorgan Chase

Jamie Dimon, chief executive officer of JPMorgan Chase (Credit: Patrick Bolger/Bloomberg - Getty Images)

Despite markets embracing the so-called “TACO Trade”—Trump Always Chickens Out—JPMorgan CEO Jamie Dimon cautioned that investors may be underestimating the risks of relying on the president’s past tariff U-turns. UBS’s Paul Donovan reinforced this concern in a note seen by Fortune, warning that market strength rooted in Trump’s retreating behavior may ironically reduce his incentive to back down this time.

President Trump has become so dependably unpredictable that markets have allegedly devised a phrase for navigating his foreign policy: the TACO Trade, an acronym for “Trump Always Chickens Out.”

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