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Wall Street has coined a new label for Donald Trump's shifting stance on reopening the Strait of Hormuz and dealing with Iran. NACHO, seemingly, justifies his back-and-forth approach.
NACHO, seemingly, justifies Trump's back-and-forth approach. (Photo: Reuters)
UPDATED: May 1, 2026 00:38 IST
The flip-flop approach taken by US President Donald Trump over reopening the Strait of Hormuz has led to a new nickname inspired by TACO label used to describe his policy reversals. As tensions between Washington and Iran continue to disrupt one of the world’s most critical oil routes, the Wall Street has coined the new term.
It was first coined by Bloomberg columnist Javier Blas, who shared it on X.
"We thought we were getting a TACO, 'Trump Always Chickens Out.' But so far we are getting a NACHO, 'Not A Chance Hormuz Opens,'" Blas wrote.
The comparison is not accidental. "TACO" -- short for "Trump Always Chickens Out" -- has been used on Wall Street to detail a pattern in Trump’s policy moves: strong threats followed by U-turns. Now, as the situation in the Strait of Hormuz drags on, everyone is increasingly doubtful that a quick resolution is anywhere in sight.
NACHO, seemingly, justifies Trump's back-and-forth approach.
On one hand, he pushed Iran to lift restrictions on Hormuz. A few days later, the US enforced its own naval blockade. He has also called for fresh talks and was ready to send a delegation to Islamabad for a second round of negotiations. Iran was initially reluctant to engage. The talks finally seemed possible when Abbas Araghchi showed up in Pakistan, not once, but twice. Trump called off the trip, saying the US "holds all the cards" in the conflict and that his team would not make the 18-hour journey.
WHY THIS OIL CHOKEPOINT MATTERS
The Strait of Hormuz is one of the world’s most sensitive energy chokepoints, normally carrying nearly a fifth of global oil along with large volumes of liquefied natural gas. Tensions have escalated after military actions involving the US and Israel targeted Iranian positions earlier in 2026. Even with a fragile ceasefire in place, commercial shipping remains heavily restricted due to the blockade.
The deadlock is now being felt well beyond the Gulf. Fuel prices have been steadily rising, with people in the US and elsewhere paying more at the pump. Earlier this month, the average price of regular gasoline in the US climbed to $4 per gallon for the first time since 2022.
However, the White House has pushed back strongly against the nickname and what it represents. Responding to the criticism, 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?"
Trump himself has previously dismissed the earlier TACO label.
"I chicken out? Oh, I’ve never heard that," he said at the time, before adding that his approach was "called negotiation."
- Ends
Published By:
Satyam Singh
Published On:
May 1, 2026 00:38 IST
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