Wall Street has done it again, and this time the joke cuts deeper than a soft taco. What began as traders' gallows humour about a tariff‑happy president has turned into a running code for how seriously markets take Donald Trump's word.
Less than a year after traders coined 'TACO', 'Trump Always Chickens Out', to mock the president's habitual tariff retreats, financial markets have produced a sequel. The label that has reportedly emerged in trading circles is 'NACHO', and the scepticism of the president's ability to reopen the Strait of Hormuz is now such a fixture that it merits its own code name. Bloomberg's Javier Blas put it plainly on 29 April 2026: 'We thought we were getting a TACO, Trump Always Chickens Out. But so far we are getting a NACHO: Not A Chance Hormuz Opens.'
