President Donald Trump is no stranger to confrontations during press briefings â but on May 28, it was a reporter who delivered the first blow.
And Trump did not take it lying down.
Now well into his second term, Trump has been rolling out a barrage of executive orders and hardline tariffs targeting nations across the globe. His aggressive economic tactics have rattled financial markets, sending shockwaves through major U.S. companies like Apple and Walmart.
But just as markets began to stabilize, Wall Street insiders credited the rebound to a curious â and biting â nickname.
“Trump Always Chickens Out.”
That was the bold jab CNBCâs Megan Casella delivered during a live press conference at the White House.
âTheyâre saying âTrump Always Chickens Outâ on the tariff threats, and thatâs why markets are higher this week,â Casella asked. âWhatâs your response to that?â
The phrase â abbreviated as T.A.C.O. â was first coined by Financial Times columnist Robert Armstrong in early May. It mocks Trumpâs pattern of issuing tough trade threats, only to walk them back or water them down later.
Needless to say, the president wasnât amused.

One glaring example: Trumpâs recent decision to delay a 50% tariff on European Union imports, originally set to begin June 1, now pushed to July 9. The move bought time for backroom negotiations â and gave investors room to breathe.
A similar pivot happened on May 12, when Trump unexpectedly paused a 145% tariff on Chinese goods, issuing a 90-day freeze that helped steady markets after a steep dip.
Enter the nickname â and the press conference that turned hostile.
“Trump Always Chickens Out”
Standing in the White House press room, CNBC reporter Megan Casella didnât hold back.
âTheyâre saying âTrump Always Chickens Outâ on the tariff threats, and thatâs why markets are higher this week. Whatâs your response to that?â
The phrase â shortened to T.A.C.O. â first appeared in a Financial Times column by journalist Robert Armstrong. Meant as a tongue-in-cheek jab, it suggested that Trumpâs aggressive threats rarely translate into real economic consequences â because he backs down at the last minute.
At first, Trump seemed confused.
âI kick out?â he asked.
âChicken out,â Casella clarified.
Then came the storm.
âIâve never heard that,â Trump muttered before his tone shifted sharply. âYou ask a nasty question like that. Itâs called negotiation. You set a number⊠if I set a number at a ridiculous high, I go down a little bit, they want me to hold that number. 145% tariff.â
Trump defended his tactics as deliberate posturing.
âWe were doing no business because of the tariff, because it was so high. I knew that. But donât ever say what you said. Thatâs a nasty question.â
And he doubled down.
âSix months ago, this country was stone-cold dead. We had a country, people didnât think it was gonna survive. And you ask a nasty question like that?â
He ended the exchange with a warning.
âDonât ever say what you said. Thatâs a nasty question.â
“Get Yourself a Real Job”
This wasnât a one-off outburst.
Just days earlier, on May 20, Trump had another heated moment â this time on Capitol Hill. When a reporter from the nonprofit news outlet NOTUS asked if he failed to rally enough support for a major bill, citing a comment from Rep. Andy Harris, Trump bristled.
âWho? I donât even know what the hell that is,â Trump shot back. âGet yourself a real job.â
So far, Trumpâs second term isnât showing signs of softening. If anything, his clashes with the press are only intensifying â and Wall Street, it seems, has learned to brace for the bluster, and bet on the backtrack.