You've heard of TACO Trump. Now what does NACHO mean?

• A Bloomberg columnist has introduced NACHO to the Trump acronyms.
• NACHO comes after TACO was used to describe Trump's tariff orders.

Two months after the war in Iran started, an ongoing ceasefire has not significantly eased disruptions to a key oil shipping route.

The Strait of Hormuz is a waterway that connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. It is a chokepoint for about 20% of the world's oil shipments and a major point of tension, especially since Iran and the U.S. agreed to a ceasefire.

Iran tightened its grip on control of the strait, and the U.S. has issued a blockade on Iranian ports and ships, slowing traffic to a trickle. It has resulted in higher oil and gas prices across the world.

President Donald Trump had previously given Iran a series of deadlines to open the strait, only to push them back before the ceasefire was reached. It led his critics to sound off in a "TACO" chorus. But with ongoing tensions about the Strait of Hormuz, a new acronym is hitting social media. What does "NACHO" mean?

What does Trump NACHO mean?

Bloomberg columnist Javier Blas posted on X that a trader told him this isn't TACO but NACHO.

It stands for, "Not A Chance Hormuz Opens."

Trump indicated in the Oval Office on April 29 that he was prepared to continue blockading Iranian ports for several months.

Asked about the NACHO acronym, White House spokesperson Kush Desai said, “are these the same geniuses who thought President Trump would never secure voluntary Most-Favored-Nations drug pricing deals or renegotiate broken trade deals?”

What does Trump 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.

Contributing: Bart Jansen, Michael Loria, Christopher Cann, USA TODAY

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