There’s a new nickname for Donald Trump going around Wall Street these days. He is being called taco Trump. Taco standing for Trump always chickens out. This is in relation to Trump issuing, tariff threats, and then backing down. The market isn’t reacting as much as it did before when Trump was issuing tariff threats because the market realizes that sooner or later he will back down from those threats.

A reporter asked him yesterday about this nickname. To put it politely, Trump did not react well to the question, at all, calling the question nasty.

Well,Trump has another headache right now. The US Court of International Trade, ruled, yesterday, Trump did not have the authority to issue tariffs based on his so-called emergency economic powers in relation to both his liberation day tariffs and his so-called fentanyl tariffs against Mexico and Canada. With regard to Canada, this erases, all the tariffs levied on us in relation to the flow of fentanyl. Basically, the court said you can’t raise duties just because a drug was allegedly being criminally imported into a country. As it turns out most of the drugs crossing the border between the two countries is from the US to Canada, but that’s another story.

Also, all of Trump’s liberation day tariffs are gone, according to the court ruling. Trump had counted on tariffs to fund his big beautiful bill that Congress passed last week. So right now Trump’s economic plan with two legs being the tariffs and his big beautiful bill are in tatters. Not surprisingly the Trump administration are raging against this latest ruling. Let’s say they are losing their minds. They will definitely appeal and it will eventually end up the Supreme Court just like everything else these days.

That’s all I have for today.