Move over, TACO. Wall Street has coined a new nickname for President Donald Trump: NACHO. The acronym, which stands for "Not A Chance Hormuz Opens," reflects growing skepticism that the president can secure a deal with Iran to reopen the strategic Strait of Hormuz, a vital waterway for global oil shipments.
The Origin of NACHO
Bloomberg columnist Javier Blas revealed the nickname on X, attributing it to a financial trader. "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 moniker underscores public frustration with the on-again, off-again blockade that has disrupted oil supplies and driven up gasoline prices across the United States.
Background of the Crisis
Despite a ceasefire between the U.S. and Iran, tensions remain high. Iran has closed the Strait of Hormuz, while the U.S. has imposed a blockade on Iranian ports. Iran offered to reopen the waterway if the U.S. ends its blockade, but President Trump has refused unless Iran halts its nuclear enrichment program. Peace talks involving the U.S., Israel, and Iran have already collapsed once, and a second round fell through last week after Trump recalled his top negotiators to Washington, D.C.
The Strait of Hormuz handles about 20 percent of the world's crude oil supply. As a result of the halted traffic, the average price of a gallon of regular gas in the U.S. hit $4 earlier this month for the first time since August 2022. The White House has not yet commented on the situation.
TACO vs. NACHO
The new nickname is a direct spin-off of "TACO," which stands for "Trump Always Chickens Out." That term originated from a Financial Times columnist who observed Trump's pattern of issuing tariff threats, causing market disruptions, and then reversing them. Wall Street traders have used "TACO" to describe buying stocks after tariff announcements and selling them when threats are reversed.
When asked about the TACO nickname last year, Trump called it "the nastiest question" and denied chickening out. "I chicken out? Oh, I've never heard that," he said, claiming his method is "called negotiation." Some Fox News allies attempted to rebrand TACO as "Never Avoids Confronting Hard Obstacles," but that version failed to gain traction.
Now, with the Strait of Hormuz crisis deepening, NACHO has emerged as a new symbol of market doubt. Whether Trump can overcome this perception and secure a deal remains uncertain, but for now, Wall Street is betting against him.
