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All you can eat TACOs
- With US equity and treasury markets apparently restraining President Trump’s expansionist plans for Greenland, this week’s U-turn once again highlights the, so far, singular power of US financial markets in checking his political agenda.
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These moves pale in comparison to the ructions following the Liberation Day tariffs in April 2025.
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Therefore, while the TACO trade (Trump always chickens out) may have held this week, there are plenty of exceptions to this rule in the first year of Trump 2.0.
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Also on the legal agenda is an impending Supreme Court decision on President Trump’s reciprocal tariffs announced on Liberation Day, with lower courts ruling the tariffs illegal.
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