US President Donald Trump accused his Chinese counterpart, President Xi Jinping, of breaking a trade truce that brought down tariffs from extreme highs in early May. Investors saw the writing on the wall: tariffs would spike again,

A Financial Times columnist has coined the term "TACO trade," saying Trump always chickens out of his tariff orders.

Key Takeaways Investors are attempting to figure out from day to day what the next twist in Trump’s tariff policy could be and how it might affect stocks. The upshot, for some, is the belief that Trump eventually delays or otherwise modifies policies the market doesn't like,