"TACO trade," which stands for "Trump always chickens out," was coined by Financial Times columnist Robert Armstrong but has since spread across Wall Street and the internet, mocking the president's back-and-forth on tariff policies.

There was a reason for President Donald Trump’s particularly caustic response when a reporter asked him Wednesday about a new term coined about the president’s tariffs: TACO, or Trump Always Chickens Out.

The only problem with the TACO trade is that the premise isn’t true. Trump doesn’t always chicken out. His threats are often worse than his actions, but five months into Trump’s term, it is abundantly clear that taxes on imports will be considerably higher for as long as Trump is in charge.