TOP STORY

Trump’s new nickname, explained

Donald Trump snapped at reporters yesterday after learning about a new nickname Wall Street has given his ever-fluctuating tariff policy: TACO—Trump Always Chickens Out.

• The jab, coined by a Financial Times columnist and quickly adopted by analysts, refers to Trump’s now-routine pattern of making aggressive tariff threats, only to backpedal days or weeks later.

THE DETAILS: During a swearing-in ceremony for Fox News anchor Jeanine Pirro to an important Justice Department job, a reporter asked Trump what he thought of the nickname.

• “I chicken out?” Trump snapped. “I’ve never heard that.”

He launched into a winding, incoherent defense of his tariff policies, adding, almost as an afterthought, “It’s called negotiation!”

• He ended by scolding the journalist for daring to ask him a tough question: “Don’t ever say what you said… that’s a nasty question.”

ZOOM OUT: The TACO nickname was born out of frustration—and mockery—on Wall Street. It captures what investors say has become a pattern:

• Big threats from Trump, a huge dip in the market, and then walk-backs that send markets rebounding.

Trump has vowed and then backtracked on tariffs to Canada, China, and the EU. Business leaders say he’s making it utterly impossible to do business—because they can’t plan for what’s next.

BOTTOM LINE: Trump and his goons claim his shifting policies are all part of a masterful negotiation strategy.

• But to investors watching the markets swing, the inconsistency isn’t strength—it’s volatility.

And now, it has a name. Please don’t call him that, he really doesn’t like it.

GO DEEPER: You can watch video of the entire interaction here.

🗞️ Making News

Trade court blocks Trump’s tariffs, saying they are illegal

This is a big win for the resistance—but it’s not the end of the story. A federal court ruled unanimously that Trump overstepped his authority in issuing “emergency tariffs,” saying his stated emergency wasn’t really an emergency. But, even before the ruling, Trump cronies had vowed to appeal the decision. Full story from The Wall Street Journal.

Trump administration will ‘aggressively revoke’ Chinese student visas

It’s a move that’s both a “major escalation” with Beijing—and incredibly stupid. Besides risking ongoing trade talks with China, it also will hit American universities hard. China sends almost a quarter of its international students to the U.S. Trump is waging war on higher education—and we’re all worse off because of it. Full story from CNN.

Get ready for several years of killer heat, top weather forecasters warn

This is one of those stories that there is no sugarcoating: because billionaires have blocked action on climate change, people are going to die. Scientists say there’s now an 86% chance that in the next five years will pass 1.5 degrees in warming, a critical threshold set by the Paris climate agreement. Full story from the AP.

Trump may pardon men convicted of trying to kidnap Gretchen Whitmer

With his pardoning of the January 6th traitors, Trump showed that he was willing to reward his most violent supporters with criminal amnesty. He’s doing the same again. It’s a chilling statement on political violence in our country, and the consequences (or lack thereof) for violence taken against Trump’s enemies. Full story from NBC News.

Before you go on

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➡️ Question of the Day

Yesterday we asked, given Jake Tapper's absurd obsession with Joe Biden’s age, do you still trust the mainstream media? The results were overwhelming.

Lallen voted no: “Tapper's allegations and book are one reason. Also the fact that mainstream media did not call out Trump for his constant lies… They are partly responsible for a corrupt, mentally unstable man being elected as our current president… I no longer rely on them to tell the truth or stand up to support our Constitution.”

Bud also voted no: “They ( the CEOs) are capitulating to an authoritarian party. They are downplaying or completely ignoring things that matter. They are not trustworthy and when watching them you are not getting the whole story anymore.”

Still others say they still trust the mainstream media—with caveats. Bobbie voted yes and said, “Mostly yes! I take their reporting in good faith. The best reporting allows us to view the person in their report in their own words! Its always good to fact check the reporting person in there entire speech. Fox is not a mainstream media in facts and should have the word News taken off!!!”

TODAY’S QUESTION: Today we want to know, what’s your main source for news? Tell us your main source—and share specifics after you vote!

IN DEPTH

Why Elon’s break with Trump is a big deal

There’s trouble brewing in billionaire paradise. Earlier this week, disgraced co-president Elon Musk criticized Trump’s “big, beautiful” budget bill saying it “undermines the work the DOGE team is doing.”

• While we welcome the drama between two oligarchs who have previously declared their love for each other in multiple interviews, Musk’s comments reveal something much deeper.

They underscore the fractures in Trump’s fragile coalition—which is being held together at this point with Scotch tape. Those cracks—if exploited correctly—could end up saving our democracy.

SOME BACKGROUND: On Tuesday, CBS News released a clip of a forthcoming interview with Musk. In it, he offers a rare rebuke of Trump’s proposed budget.

• “I was disappointed to see the massive spending bill, frankly,” Musk said. “It can be big, or it can be beautiful, I don’t know if it can be both.”

The news was followed by official word last night that Musk would be leaving his role in the government.

ZOOM OUT: Musk represents the traditional wing of the Republican party: tax cuts for the wealthy are great—but many in his class don’t think spending cuts go deep enough.

That faction is fundamentally at odds with two other key parts of Trump’s Frankenstein coalition:

• Populists like Sen. Josh Hawley, who want more help for struggling workers

• And far-right authoritarians like Stephen Miller, who are fine with bloated government—as long as it's deporting their perceived enemies.

Those divisions were already on display last week when Republicans struggled to get the bill through the House, passing it by only a single vote.

BOTTOM LINE: Musk’s comments could be a sign of a bigger clash waiting for the bill in the Senate, where old school establishment elites still rule.

The truth is that Trump’s coalition can’t last. It’s a shaky alliance of billionaires, faux populists, and fascists—who want fundamentally different things from the government. Musk’s criticism reveals just how fragile it is.

• If progressives can highlight these contradictions—and mobilize everyday Americans around real solutions—we might not just stop this bill.

We might break the MAGA coalition for good.

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Here are some stories the algorithms may be keeping out of your feed.

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• Inside Trump’s decades-long obsession with eugenics

• Trump rewards his lawyer with nomination for lifetime gig

• A popular MSNBC host may be leaving the network

• Lawrence O'Donnell reveals exact moment Trump suffered 'worldwide humiliation'

• How Trump is crippling the National Parks

• Elon Musk admits glaringly obvious truth about his foray into politics

• Video: Town hall erupts after GOP congressman admits to not knowing what he voted for

• Trump’s war on foreigners may cause a staggering, unsuspected loss in this industry