Source: Paul Krugman
by Paul Krugman
“On Wall Street, TACO — Trump Always Chickens Out — has abruptly been replaced as a favorite meme by NACHO — Not a Chance Hormuz Opens. As a result, oil futures have soared. I never bought into the TACO meme, which was initially about tariffs: Trump did not, in fact, reverse his destructive tariff policy, although he blinked in his confrontation with China. But NACHO looks right. Hormuz won’t open until the economic damage from its closure becomes much more severe.” (04/30/26)