Wall Street traders have coined a new nickname for President Donald Trump: NACHO, an acronym for 'Not A Chance Hormuz Opens.' The moniker, reported by Bloomberg columnist Javier Blas, reflects frustration over the president's handling of the Strait of Hormuz blockade, which has disrupted global oil supplies and driven up petrol prices.
The nickname is a spin-off of 'TACO' (Trump Always Chickens Out), previously used to describe Trump's pattern of issuing and then reversing threats. The new term suggests scepticism that Trump can secure a deal with Iran to reopen the strategic waterway, through which about 20% of the world's crude oil passes.
Iran closed the Strait of Hormuz amid a ceasefire, and the US has imposed a blockade on Iranian ports. Tehran has offered to reopen the waterway if the US ends its blockade, but Trump has refused unless Iran halts its nuclear enrichment programme. Peace talks between the US, Israel, and Iran have already failed once, and a second round collapsed last week when Trump recalled his negotiators.
The disruption has pushed US petrol prices to $4 a gallon for the first time since August 2022. White House spokesperson Kush Desai defended the president, questioning whether critics were 'the same geniuses who thought President Trump would never secure voluntary Most-Favored-Nations drug pricing deals or renegotiate broken trade deals.'
Trump previously dismissed the 'TACO' label as 'the nastiest question' and insisted his approach was 'called negotiation.' Fox News allies attempted to reclaim the acronym with 'NACHO' standing for 'Never Avoids Confronting Hard Obstacles.'
