A White House press briefing on Wednesday took a sharp turn when US President Donald Trump was asked a question that clearly got under his skin. The source of the tension? A new Wall Street nickname for his trade tactics—“Taco,” short for “Trump Always Chickens Out.” And the reporter behind the viral moment was Megan Cassella, a CNBC correspondent known for her unflinching economic coverage.
Cassella asked pointedly: “Mr. President, Wall Street analysts have coined a new term called the Taco trade. They’re saying ‘Trump Always Chickens Out’ on your tariff threats. And that’s why markets are higher this week. What’s your response to that?”
Trump, visibly irritated, pushed back saying, “I chicken out? Oh, I’ve never heard that,” he snapped. “You mean because I reduced China from 145% that I set down to 100 and then to another number?”
He was referencing the shifting tariff rates on Chinese goods, which he recently slashed from a high of 145% to 30%. The comment — and his discomfort — highlighted exactly why the term “Taco trade” is catching on.
What Is the ‘Taco Trade’?
The “Taco trade” is a tongue-in-cheek term coined by Wall Street analysts to describe a now-familiar cycle: Trump talks tough on tariffs, markets fall, then he backs down — and markets rally. Just last week, he threatened to impose 50% tariffs on EU goods starting June 1. Within days, he changed course and postponed them until July 9 after "promising talks" with European leaders.
By the time markets reopened after Memorial Day, stocks had surged — a perfect illustration of the Taco effect in action.
So, Who Is Megan Cassella?
Megan Cassella is no stranger to the high-stakes intersection of economics and politics. A seasoned journalist based in Washington, D.C., she currently works as a correspondent for CNBC, covering economic policy, trade, and market regulation.
Before joining CNBC, Cassella served as a senior economics and policy reporter at Barron’s, where she covered everything from Federal Reserve decisions to government spending and inflation. Earlier, she spent over five years at Politico, becoming one of the go-to reporters during the Trump administration’s tumultuous trade battles, including coverage of the NAFTA renegotiation and U.S.-China tensions.
Cassella is known for breaking down complex financial stories in ways that resonate with both market insiders and everyday Americans — and her question to Trump is a perfect example of that clarity and nerve.
Megan Cassella earned her Bachelor's degree in Business Journalism and International Politics from the University of North Carolina at Chapel Hill in 2015. During her time at UNC, she was active in student journalism and recognized by the Kappa Tau Alpha Honor Society for academic excellence.
In 2018, she was selected for the Wharton Seminars for Business Journalists at the University of Pennsylvania — a prestigious program aimed at deepening journalists’ understanding of financial markets and business strategy.
Cassella asked pointedly: “Mr. President, Wall Street analysts have coined a new term called the Taco trade. They’re saying ‘Trump Always Chickens Out’ on your tariff threats. And that’s why markets are higher this week. What’s your response to that?”
Trump, visibly irritated, pushed back saying, “I chicken out? Oh, I’ve never heard that,” he snapped. “You mean because I reduced China from 145% that I set down to 100 and then to another number?”
He was referencing the shifting tariff rates on Chinese goods, which he recently slashed from a high of 145% to 30%. The comment — and his discomfort — highlighted exactly why the term “Taco trade” is catching on.
What Is the ‘Taco Trade’?
The “Taco trade” is a tongue-in-cheek term coined by Wall Street analysts to describe a now-familiar cycle: Trump talks tough on tariffs, markets fall, then he backs down — and markets rally. Just last week, he threatened to impose 50% tariffs on EU goods starting June 1. Within days, he changed course and postponed them until July 9 after "promising talks" with European leaders.By the time markets reopened after Memorial Day, stocks had surged — a perfect illustration of the Taco effect in action.
So, Who Is Megan Cassella?
Megan Cassella is no stranger to the high-stakes intersection of economics and politics. A seasoned journalist based in Washington, D.C., she currently works as a correspondent for CNBC, covering economic policy, trade, and market regulation.Before joining CNBC, Cassella served as a senior economics and policy reporter at Barron’s, where she covered everything from Federal Reserve decisions to government spending and inflation. Earlier, she spent over five years at Politico, becoming one of the go-to reporters during the Trump administration’s tumultuous trade battles, including coverage of the NAFTA renegotiation and U.S.-China tensions.
Cassella is known for breaking down complex financial stories in ways that resonate with both market insiders and everyday Americans — and her question to Trump is a perfect example of that clarity and nerve.
Megan Cassella earned her Bachelor's degree in Business Journalism and International Politics from the University of North Carolina at Chapel Hill in 2015. During her time at UNC, she was active in student journalism and recognized by the Kappa Tau Alpha Honor Society for academic excellence.
In 2018, she was selected for the Wharton Seminars for Business Journalists at the University of Pennsylvania — a prestigious program aimed at deepening journalists’ understanding of financial markets and business strategy.
