Heard Of TACO? Now There’s NACHO: What Trump's New Viral Nickname Means

First, it was ‘TACO’—a jab at US President Donald Trump’s tendency to announce tough measures and then roll them back. Now, a new nickname is doing the rounds: ‘NACHO’.

If ‘TACO’ was about Trump pulling back, ‘NACHO’ is about nothing moving at all. Weeks into a ceasefire, the Strait of Hormuz remains clogged, US-Iran talks have stalled, and pressure is building across global energy markets.

That impasse has now turned into a new label for the US president, one that reflects a growing sense that this crisis may not be ending anytime soon.

What Does ‘NACHO’ Mean?

‘NACHO’ stands for ‘Not A Chance Hormuz Opens’.

The term was flagged by Bloomberg columnist Javier Blas, who said on X that a trader summed up the current situation with the acronym.

“We thought

we were getting a TACO, ‘Trump Always Chickens Out.’ But so far we are getting a NACHO, ‘Not A Chance Hormuz Opens,’” Blas wrote.

Why Is This Nickname Gaining Traction Now?

Because the crisis it refers to isn’t easing, it’s dragging.

Now in its third month, the US-Iran conflict has seen little relief even after a ceasefire, with disruptions in the Strait of Hormuz continuing. Iran has tightened its control over the waterway, while the US has imposed a blockade on Iranian ports and ships.

Trump had earlier set deadlines for Iran to reopen the Strait, only to push them back before the ceasefire, fuelling the earlier ‘TACO’ criticism.

There have been openings on paper. Iran has indicated it could reopen the strait if the US lifts its blockade. But Trump has refused unless Tehran meets broader demands, including ending its nuclear enrichment programme.

At the same time, Trump has indicated he is prepared to continue the blockade for several months, reinforcing the perception that the situation may remain locked.

Speaking to reporters on Wednesday, Trump asserted that easing pressure is not an option unless there is progress in nuclear talks.

“We’re having talks with Iran. They’ve come a long way. The question is whether or not they’re going to go far enough. At this moment, there will never be a deal unless they agree that there will be no nuclear weapons.”

Responding to the nickname, White House spokesperson Kush Desai said, “Are these the same geniuses who thought President Trump would never secure voluntary Most-Favored-Nations drug pricing deals or renegotiate broken trade deals?”

Why Does The Strait Of Hormuz Matter So Much?

Because very little in the global economy moves without it.

The narrow stretch of water connects the Persian Gulf to the open seas and carries roughly 20 per cent of the world’s oil supply, along with significant volumes of liquefied natural gas. It is one of the most critical energy chokepoints on the planet.

When traffic slows here, the effects ripple quickly across markets. Fuel prices have already climbed, with US gasoline prices touching $4 per gallon earlier this month—the highest since August 2022.

What happens in Hormuz doesn’t stay in Hormuz.

How Is This Different From ‘TACO’?

‘TACO’, coined by Financial Times columnist Robert Armstrong in May 2025, stood for ‘Trump Always Chickens Out’.

The core idea behind the TACO strategy is simple: when Trump announces aggressive tariffs, markets dip—but rather than reacting with fear, traders wait for a reversal or delay in the policy. More often than not, they’re rewarded when Trump walks back the threat, sending stocks soaring.

When asked about the nickname last year, Trump called it “the nastiest question” and denied chickening out. “I chicken out? Oh, I’ve never heard that,” he said, adding that his approach was “called negotiation.”

What Has Trump Actually Done On Hormuz?

The confusion and the nickname come from the mixed signals.

At different points, Trump has:

• Pressured Iran to reopen the Strait
• Imposed a US blockade on Iranian ports
• Signalled willingness for fresh talks
• Called off negotiations after they appeared possible

A first round of US-Iran talks in Islamabad failed to produce a breakthrough. A planned second round also fell through after Washington decided not to send its negotiators.

Iran, meanwhile, has made conditional offers to reopen the Strait if the blockade is lifted. Trump has rejected those proposals, arguing that the blockade is more effective than military strikes.

“The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig. And it is going to be worse for them. They can’t have a nuclear weapon,” Trump told Axios on Wednesday.

Iran has responded with strong warnings. A senior security official told state media, Press TV, that the blockade “will soon be met with practical and unprecedented action.”

The result is a situation where positions have hardened, but no resolution is in sight.

Is There Another Version Of ‘NACHO’?

Yes, but it hasn’t really caught on.

Some Trump allies, including voices on Fox News, tried to reframe it as “Never Avoids Confronting Hard Obstacles”. But that version has struggled to gain traction compared to the more widely used “Not A Chance Hormuz Opens”.

So What Does This Really Tell Us?

With the Strait of Hormuz still restricted, negotiations stalling, and energy markets under pressure, the new acronym is less a joke and more a reflection of uncertainty.

And until there is a clear breakthrough, that uncertainty isn’t going anywhere.