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Fortune

Jason Ma

The TACO trade is backfiring on Wall Street as Trump seizes on stock market highs to charge ahead with tariffs

Donald Trump Taco Stock Market Capital Economics

(Credit: Kevin Carter—Getty Images)

Markets previously brushed off tariff risks under the assumption that President Donald Trump would follow his earlier pattern and eventually retreat. That allowed stocks to reach new record-high territory, marking a stunning rebound from the collapse triggered by his “Liberation Day” tariffs in April. But Trump is now pointing to those stock market highs as signs that his tariffs are being well received.

Wall Street thought it had President Donald Trump all figured out on his trade war, but the past week has raised concerns that investors may be wrong.

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