The Globe and Mail reports in its Saturday edition that President Donald Trump suddenly raised steel and aluminum tariffs to 50 per cent last week. Guest columnist John Rapley writes that his move came shortly after he was questioned by a reporter about the so-called TACO trade (Trump Always Chickens Out). "That's a nasty question" growled Mr. Trump. "Don't ever say what you said." The acronym was coined by Financial Times columnist Robert Armstrong a few weeks ago and quickly caught on across Wall Street. Mr. Armstrong had come up with the term to account for the surprising calm in U.S. markets amid the turmoil of recent months. Despite clear evidence that foreigners were inching toward the exits and big fund managers were diversifying out of the United States, the main indexes have remained relatively tranquil: Mr. Trump talks tough, then backs down. Mr. Trump's raising of steel and aluminum tariffs is proof that if he thinks he is seen as a chicken, he will go out of his way to not look like one. With his tax-slashing "Big, Beautiful Bill" before Congress, another showdown between the President and the bond market seems imminent. Having caved the last time, he may feel he has no choice but to double down this time.