Trump has repeatedly shifted his stance on tariffs since his “Liberation Day” announcement—earning him the nickname “TACO Trump.”

President Donald Trump has again delayed a tariff deadline. His back and forth on the policy spurred TACO accusations. What does it mean?

Donald Trump wants the highest tariff rates the economy can handle. He’ll keep probing until markets stop him.

“TARIFFS WILL START BEING PAID ON AUGUST 1, 2025.,” Trump posted Tuesday morning to Truth Social, the social media website he owns. “There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted.”

When President Trump and the White House first unveiled “reciprocal” tariffs on April 2 (Liberation Day), stock market participants panicked and sold. On April 9, a 90-day tariff pause began. Up until recently, TACO, or “Trump always chickening out,” was one of several factors that sent the S&P 500 ( NYSEARCA: SPY) to all-time highs.

After President Donald Trump paused his “Liberation Day” tariffs in April, his trade adviser Peter Navarro promised that the administration would deliver “90 deals in 90 days.” But that deadline came and went Wednesday with the White House 88 trade deals short.

Stocks have climbed well off their post-Liberation Day lows, a sign that investors have moved past the trade-related concerns that led to those lows in the first place. They could be right—but some investors say that waving aside trade matters is a risky bet.

The U.S. investment bank goes through the reasons why the stock market keeps rising as new and higher tariff levels get announced.

As President Donald Trump's tariffs continue to create headwinds, UBS said investors should focus on long-term trends set to boost markets.

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