U.S. President Donald Trump bristled at suggestions that Wall Street believes he’s ultimately unwilling to follow through on extreme tariff threats, saying his repeated retreats are instead part of a strategy to exert trade concessions.
"It’s called negotiation,” Trump said on Wednesday, adding that he intentionally would "set a number at a ridiculous high number” and then "go down a little bit” as part of talks.
Trump was asked during an Oval Office event to respond to reports of what is being called "TACO” trade, in which investors seize on market tumbles after the president makes tariff threats, predicting he will ultimately relent and equities will rebound.
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