TACO shifts from Trump's tariffs to the Iran war. What does it mean?

• The acronym TACO, meaning "Trump always chickens out," has resurfaced amid the ongoing conflict with Iran.
• TACO was originally coined in 2025 to describe an investor strategy related to President Trump's tariff policies.
• President Trump has claimed victory but has not provided a specific end date for the military operation.

President Donald Trump's talk of the war in Iran ending soon has brought back a jab familiar to his critics: TACO.

Trump's frequently changing tariffs last year prompted a columnist to come up with the term "TACO trade," just the beginning of an onslaught of jokes and AI-generated memes related to tacos.

The U.S. and Israel attacked Iran on Feb. 28 and have continued to do so for nearly two weeks. In the meantime, Iran has launched counterstrikes on neighboring countries. Trump and his administration have given several reasons as to why the U.S. engaged in this conflict, though even some lawmakers have questioned their purpose.

While he originally projected a four- to five-week timeline for the operation, he has since said it would be over soon, though he has not provided a specific timeline. Some online are claiming TACO again. What does it mean?

What does TACO mean?

Financial Times columnist Robert Armstrong coined "TACO trade" in May 2025, describing how some investors anticipate market rebounds amid Trump's on-again, off-again tariff policies.

The acronym stands for "Trump always chickens out."

Armstrong describes TACO trade as some investors' strategy to buy into the market that dips when Trump announces steep tariffs on the assumption that he will back off his tariff order, and the market will rebound.

Trump previously hit back at a reporter who asked about the term, saying, "you ask a nasty question like that. It's called negotiation."

The Supreme Court ruled on Feb. 20 that many of Trump's tariffs were illegal.

Trump declares victory but no end date for Iran

Trump, speaking in Hebron, Kentucky, on March 11 boasted about the name Operation Epic Fury before declaring a win for the U.S.

"We've won. Let me tell you, we've won," he said. "You never like to say too early you won. We won, in the first hour it was over but we won."

Trump initially said the military campaign would last four to five weeks, but earlier this week he said it would be over "very soon," though not by Monday.

"We don't want to leave early, do we? We got to finish the job," Trump said at the Kentucky event.

Trump told Axios on March 11 it would end when he wants it to, but it would be "soon" as there is "practically nothing left to target."

Kinsey Crowley is the Trump Connect reporter for the USA TODAY Network. Reach her at [email protected]. Follow her onX (Twitter),Bluesky andTikTok.