Financial Times columnist Robert Armstrong coined the term TACO last month to describe Trump’s tendency to announce massive tariffs before suddenly changing his mind, as he has done over and over again. The term has become common among Wall Street traders trying to predict the market.

Musk, the richest person in the world, emerged as a top supporter and adviser to Trump during the 2024 campaign where he spent an estimated $250 million to back the then-Republican candidate. However, he signaled last week that he will be spending less on political campaigns in the future.