Despite President Donald Trump’s reputation for having a sharp tongue, a reporter delivered the first blow during a heated White House press conference on May 28 and it struck hard.

When CNBC reporter Megan Casella posed a question that obviously alarmed the president, what had begun as a routine media briefing swiftly descended into hostility. Citing the moniker T.A.C.O., which stands for “Trump Always Chickens Out” and was created by a Financial Times columnist, Casella struck a chord, sparking a heated argument that is currently making headlines in the financial and political media.

The incident, which was captured on camera and extensively circulated online, has rekindled discussion about Trump’s press turbulence, economic policies, and his renownedly thin skin.

The Press Delivers a Wall Street Joke

The term “T.A.C.O.” was first used as a lighthearted jab by financial analysts to describe Trump’s tendency to make audacious tariff threats only to later backtrack, a practice that has irritated both political supporters and market observers.

Early in May, when Trump postponed enacting a 50% tariff on EU imports, Financial Times columnist Robert Armstrong first used the phrase. Wall Street rallied and investors were given breathing room by that action, which was taken soon after he imposed and then paused a 145% tariff on Chinese goods.

In the financial world, Armstrong’s T.A.C.O. nickname became somewhat popular, with memes spreading on trading forums on Reddit and X (formerly Twitter). However, the phrase hadn’t reached Trump’s face directly until the briefing on May 28.

When Casella asked this straightforward question, that changed:

“They claim that Trump always backs down from tariff threats, which is why markets are up this week. How would you react to that?

“A Crude Question”: Trump Becomes Angry

Trump initially appeared perplexed.

He leaned forward and asked, “I kick out?”

As Casella explained, “Chicken out”

The atmosphere changed at that point.

Trump’s expression tensed. His voice grew piercing. The president then launched into a passionate defense of his economic scheming in a matter of seconds:

He remarked, “I’ve never heard that.” “That’s a nasty question you ask. We call it negotiation. You decide on a number. They want me to maintain that number if I set it at an absurdly high level and then lower it a little. 145% tax.

He went on, clearly agitated:

“The tariff was so high that we were not conducting any business. I was aware of that. However, never say what you said again. That is an unpleasant question.

He didn’t stop there, in typical Trump fashion.

This nation was completely dead six months ago. People didn’t believe that our nation would endure. And you pose such an offensive query?

Trump interrupted before the following reporter could ask any more questions:

“Never say what you said again. That is an unpleasant question.

It was a stern, repeated, and obviously personal reprimand.

The Significance of T.A.C.O. Although it may seem absurd, even meme-worthy, T.A.C.O. has significance in the world of policy.

The statement is part of a larger attack on Trump’s economic policies, specifically his use of tariffs as a foreign policy instrument. Critics claim that despite frequently caving in to pressure from markets or foreign partners, he uses shock-value threats to obtain leverage.

• Citing ongoing trade talks, Trump postponed a 145% tariff on Chinese imports on May 12.
• A planned 50% tariff on EU goods was postponed until July 9 on June 1, which calmed investor concerns and increased market confidence.
• Markets recovered each time, and detractors like Armstrong noted a recurring pattern: Trump talks tough, Wall Street declines, and then he retreats.
• The cycle became recognizable to traders. For political analysts, it came to represent Trump’s negotiating approach: blustery, then concessional. To Trump? Nothing less than an insult, it seems.

Round Two of The Media vs. Trump (and Counting)

Moments like this serve as a stark reminder to those who hoped that Trump’s second term would bring a more relaxed relationship with the press: the former Trump is still the same.

He had another altercation a few days prior, on May 20, this time on Capitol Hill. Regarding Rep. Andy Harris’s criticism of Trump’s failure to whip votes for a crucial legislative package, a journalist from the nonprofit organization NOTUS inquired.

What did Trump say?

“Who? I have no idea what the devil that is. Get a legitimate job.

His well-known previous arguments, such as calling CNN’s Jim Acosta “a rude, terrible person” and telling NBC’s Peter Alexander, “You should be ashamed of yourself,” were echoed in that remark. Trump’s tolerance for the media appears to be at an all-time low.

His supporters adore it. It’s evidence of a man unsuited for scrutiny, according to his detractors.

The Market and Political Repercussions

Trump is positioning himself as the only candidate who can steer the U.S. economy away from inflation and foreign dependency, which coincides with the T.A.C.O. controversy. The Dow Jones’ record highs during his first term are frequently cited by his supporters as evidence of his economic acumen.

However, detractors contend that Trump’s tariff threats harm American companies, raise prices, and sabotage trade relations, particularly when they are empty.

Although amusing on the surface, the nickname hits a sensitive spot: credibility.

According to Tamara Weiss, a financial analyst at Bloomberg, “It wasn’t the insult that unnerved him.” It was implied that he is no longer taken seriously by the markets.

In a campaign where economic confidence is likely to be the decisive factor, Trump’s volatility, which has long been a part of his brand, may be coming back to haunt him.

Social Media Responds

TRUMP: Who do you work for?

REPORTER: NOTUS

TRUMP: I don't even know what the hell that is. Get yourself a real job. pic.twitter.com/pzyw54LAB5

— Aaron Rupar (@atrupar) May 20, 2025

The video of the conversation went viral on social media, as was to be expected. Within hours, hashtags like #TACOTrump, #ChickenOut, and #NastyQuestion became popular.

Trump’s supporters came together to defend him, claiming the reporter had asked a “loaded question.” Others, however, hailed it as an uncommon instance of responsibility.

A taco shell loaded with dollar bills was the subject of one widely shared meme, which read:

“Spice up the negotiation: hold the follow-through, extra bluff.”

A teaser skit featuring a parody of the incident was even posted by Saturday Night Live.

Gazing Ahead

Moments like these—sharp, viral, and polarizing—are likely to shape the media narrative as the 2024 election heats up.

The T.A.C.O. incident serves as a reminder to Trump that the media and Wall Street are keeping a close eye on him. If he bluffs too frequently, the nickname might stick more than he would like.

For journalists, it might herald a new age of bravery in the press corps, one that isn’t scared to take on even the nation’s most powerful man with the kind of disrespect that was previously only shown to comedians.

Additionally, it’s just one piece of information in a bigger picture for voters:

Is Donald Trump bluffing with every outrageous figure he makes public, or can he lead with the strength he claims?