Donald Trump has managed to land himself a brand new nickname on Wall Street as the Strait of Hormuz blockade shows little sign of coming to an end.
Within months of Trump returning to office last year, the Republican had be slapped with the nickname TACO by Wall Street traders.
Standing for ‘Trump Always Chickens Out’, the mocking moniker was a reference to Trump’s habit of threatening to impose ludicrously high tariffs on other countries before backing out or reducing the rates at the last minute.
Now, he’s got himself another Mexican cuisine-based nickname.
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Despite the usual bluff and bluster from Trump and his administration, the Strait of Hormuz crisis is going nowhere fast.
More than two months on from the start of the US and Israel’s war in Iran, the crucial shipping route through Hormuz remains effectively shut.
On Monday, the US said it had successfully guided two American commercial ships through the strait, proving the waterway is “clear,” according to US defence secretary Pete Hegseth.
But this is a drop in the ocean, with another 22,500 mariners on more than 1,500 commercial vessels still trapped in the Gulf.
And with negotiations between the US and Iran stalling, it seems increasingly likely that the fragile ceasefire between the two sides will come to an end before the strait is reopened.
So, this has led to Trump being dubbed NACHO: Not A Chance Hormuz Opens.
The nickname was first reported by Bloomberg columnist Javier Blas, who said he had been told about it by a financial trader.
This week, Hegseth said there was a “red, white and blue” dome over the Strait of Hormuz as the US tries to get ‘Project Freedom’ underway.
Trump’s grand-sounding plan is effectively the US using its military to guide stranded cargo ships out of the Strait of Hormuz.
In response, Iran’s top negotiator said the nation was “just getting started” with its blockade, whilst Tehran continues to insist it controls the strait.
There were reports earlier this week that Iran had fired missiles and drones at military and commercial ships, as the ceasefire between the sides looks increasingly at risk.
It sounds like NACHO Trump might be sticking for a while then, all whilst the world is faced with a looming crises over everything from energy prices to food shortages as a result of his war in Iran.