Most of us were duly alarmed on Tuesday morning when the president of the United States threatened to end a civilization by 8 p.m. Eastern time. It seemed entirely possible that if Iran did not “Open the fuckin’ Strait,” as Donald Trump put it, he would drop a tactical nuke on Tehran or do something slightly less apocalyptic but nonetheless genocidal. When a feebleminded lunatic runs the world’s most well-funded war machine, it’s best to worry and risk being accused of overreaction. The problem is that a significant swath of Americans aren’t alarmed enough.
I am speaking of the “Trump Always Chickens Out” maxim that has taken root since the beginning of Trump’s second term. This refers to the persistent belief that Trump is perpetually climbing down from his most dire threats—a paper tiger forever on the verge of folding. TACO theory always gives you the out when it comes to worrying about Trumpian misrule. It also gives Trump’s opponents an easy shorthand for insulting him and making themselves feel better. But it’s worth questioning whether TACO actually has much merit. Off the top of my head, I’m guessing that an untold number of obliterated Iranians may take issue with this contention.
It’s fitting that the TACO meme was largely birthed by Wall Streeters, operating under the shield of plutocratic wealth and chronic naïveté that is intrinsic to the financial services sector. As the Huffington Post reported back in May 2025, the term was cooked up by the Financial Times’ Robert Armstrong to refer to how the markets reacted to “the president’s tendency to announce massive tariffs, causing the markets to plunge, only to back off days later, causing them to rise again.” A certain swath of investors were using TACO theory to do some heavy-duty buckraking. As Ted Jenkin, the president of Exit Stage Left Advisors, told the New York Post, the strategy worked like this: “Once he delivers bad news, investors are buying those stocks when they are beaten down waiting for him to chicken out and watching those stocks rebound in value.”
Over time, TACO morphed from a form of tariff-whispering to a sort of catch-all delusion for markets to pretend that the damage Trump is doing to the economy never really has to be priced in. But it also expanded beyond the concerns of Wall Streeters to become a comforting security blanket anytime Trump either seems to be on the brink of doing something catastrophic or has backed down from escalations.
The Trump administration has actually grown pretty adept at managing and manipulating the TACO theory to its own advantages. Earlier this year, the ouster of Customs and Border Protection commander Greg Bovino, the real-life version of Sean Penn’s character in One Battle After Another, was widely depicted in the press as a sort of chickening out: Trump was forced to retrench in the face of widespread public horror over the administration’s deadly operations in Minneapolis. But under the new management of border czar Tom Homan, the terror machine kept running in the city for several more weeks. Similarly, at the Department of Homeland Security, Kristi Noem’s dismissal in favor of Markwayne Mullin was seen as a setback for the administration, but really it just traded new excesses for old ones. If you were sitting there thinking that the temperature had been lowered or the administration had been chastened, you got played.
It may be comforting to think that in Iran, Trump once again chickened out. After all, a civilization threatened on Tuesday has made it to the end of the week, and there’s a two-week hold on all the proposed war crimes in Trump’s latest atrocity pitch deck. If you’re of the mind that any of this is true, check yourself. Trump has not chickened out; he’s already gone all in: This war of choice has bequeathed a mountain of casualties, tons of destruction, and economic ramifications that will linger for years. What you think looks like a cowardly retreat is actually Trump flailing. He is not in control of the situation, and the danger is far from over.
Also not over: the aforementioned buckraking. Trump’s TACO cycle continues to be fodder for insider trading and market manipulation. Trump’s late-March threat to “obliterate [Iran’s] various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!” was followed by a belligerent response from Iran and a hasty Sunday-show appearance from Treasury Secretary Scott Bessent to head off any market volatility on Monday morning. Trump retreated from his threats in an early morning missive on Monday, citing the phantasmal success of nonexistent diplomatic discussions. But as FT reported, people were getting rich behind the scenes: “Traders made bets worth half a billion dollars in the oil market about 15 minutes before Donald Trump’s post touting ‘productive’ talks with Iran sent the price of crude tumbling and ignited volatility in other assets.”
Once you crack open the shell of this TACO, what you’ll find isn’t a source of reassurance or a fun gibe to toss in Trump’s direction. It’s all the same misrule, criminality, and corruption. Paul Krugman, who credibly argues that these insider trades are tantamount to treason, bottom-lines it in this way: “You can’t trust a corrupt government to protect national security. And our government is now utterly corrupt: It’s hard to find a single senior official, from the president on down, who treats public office as a grave responsibility rather than an opportunity for personal self-aggrandizement and profit.”
As the events of this week prove, life under these arrangements is scary and frustrating. We bear the cost of Trump’s belligerence and suffer psychically as he swings from one unimaginable threat to the next. Meanwhile, insiders get to manipulate the mass media and the markets to further their authoritarian political goals and self-enrichment. This TACO party is proving to be extremely profitable for an elite few, but I’d bet you won’t be invited to it anytime soon.
This article first appeared in Power Mad, a weekly TNR newsletter authored by deputy editor Jason Linkins. Sign up here.
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