10 times Trump has threatened, then backtracked on, tariffs as 'TACO trade' jab gains traction

Tariffs were a defining promise of President Donald Trump's campaign, and they have been a defining feature of his second term in office. But just over five months in, many of his tariff proclamations haven’t turned into reality.

Tariffs were a defining promise of President Donald Trump's campaign, and they have been a defining feature of his second term in office. But just over five months in, many of his tariff proclamations haven’t turned into reality.

While Trump has imposed a number of sweeping tariffs that have been driving up costs for American businesses and consumers buying goods from overseas, he has threatened far more tariffs than he has carried through on.

That has created a climate of uncertainty that has caused some businesses to lay off workers and delay investments, as well as led to volatility in the stock market. Some financial analysts have taken to calling Trump’s on-again, off-again moves TACO trade or the TACO theory — an acronym for "Trump Always Chickens Out." (Asked by a reporter about the phrase, Trump called the question "nasty" and said, "It’s called negotiation.")

Here are 10 times Trump has threatened, then backtracked on, tariffs since he took office. Notably, in some cases, like threatened tariffs against Colombia, the administration did win policy concessions in other areas after it wielded the threat. But other tariffs threats have come and gone without other tangible results.

In one of his latest tariff moves, Trump threatened last Friday to impose a 50% tariff on goods shipped into the United States from the European Union, saying the European countries weren’t taking ongoing trade talks seriously enough.