--- title: From TACO (Trump Always Chickens Out) to WACO (World Always Chickens Out) description: "The world has \"chickened out\" against Trump, per FT.\n\n\"America’s trading partners have largely failed to retaliate against Donald Trump’s sweeping tariffs, allowing a president taunted for “always chickening out” to raise nearly $50bn in extra customs revenues at little cost.\n\nFour months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos.\n\nAt the same time US revenues from customs duties hit a record high of $64bn in the second quarter — $47bn more than over the same period last year, according to data published by the US Treasury on Friday\"." image: https://blog.syzgroup.com/hubfs/1753738982970.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. 29 Jul 2025 - - - #### From TACO (Trump Always Chickens Out) to WACO (World Always Chickens Out) The world has "chickened out" against Trump, per FT. "America’s trading partners have largely failed to retaliate against Donald Trump’s sweeping tariffs, allowing a president taunted for “always chickening out” to raise nearly $50bn in extra customs revenues at little cost. Four months since Trump fired the opening salvo of his trade war, only China and Canada have dared to hit back at Washington imposing a minimum 10 per cent global tariff, 50 per cent levies on steel and aluminium, and 25 per cent on autos. At the same time US revenues from customs duties hit a record high of $64bn in the second quarter — $47bn more than over the same period last year, according to data published by the US Treasury on Friday". [#United States|](https://blog.syzgroup.com/syz-the-moment/tag/united-states) [#geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) ![From TACO (Trump Always Chickens Out) to WACO (World Always Chickens Out)](https://blog.syzgroup.com/hubfs/1753738982970.jpg) ![From TACO (Trump Always Chickens Out) to WACO (World Always Chickens Out)](https://blog.syzgroup.com/hubfs/1753738982970.jpg) #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [geopolitics|](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) #### [Middle East crude exports were approaching pre-war levels.](https://blog.syzgroup.com/syz-the-moment/middle-east-crude-exports-were-approaching-pre-war-levels?hsLang=en) Then the attacks resumed. Combined exports from Saudi Arabia, Iraq, the UAE, Kuwait, Iran, Qatar and Oman tell the story: ▪️ Jan–Feb: 18.9 million barrels/day ▪️ May trough: 6.5 million — down 66% ▪️ September: 14.7 million ▪️ October so far: 17.3 million — 91% of pre-war levels The recovery relied on ingenuity: Saudi pipelines diverted crude to the Red Sea, while shuttle tankers carried barrels through Hormuz to supertankers waiting outside. But the cumulative damage remains enormous: 1.7 billion fewer barrels exported between March and September than at the pre-war pace. And October’s rebound is fragile. ⚠️ The figures cover only the first two weeks. Six ships were hit around Hormuz on 11 October. More than 10 empty supertankers have turned back near Fujairah. Export routes can adapt. A sustained recovery still requires security. Source: Jack Prandelli on X, Gulf News **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 15/10/2026 [United States|](https://blog.syzgroup.com/syz-the-moment/tag/united-states) [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) #### [US inflation is heating up again.](https://blog.syzgroup.com/syz-the-moment/us-inflation-is-heating-up-again?hsLang=en) Headline inflation jumped to 3.7% year-on-year in September, its highest level since May. Rising gasoline and diesel prices drove much of the increase. Higher airfares and used-car prices added pressure, pushing monthly inflation to 0.6%, the biggest gain since May. Even excluding food and energy, the picture deteriorated. Core inflation rose to 2.6%, up from 2.4% in August and above expectations. The squeeze on households is clear: prices rose 3.7% over the past year, outpacing average wage growth of 3%. Source: Heather Long on X, BLS **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 14/10/2026 [Food for Thought|](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) #### [The world's richest man, who spent almost $300mn helping Donald Trump get re-elected in 2024, made these donations during the past few months](https://blog.syzgroup.com/syz-the-moment/the-worlds-richest-man-who-spent-almost-300mn-helping-donald-trump-get-re-elected-in-2024-made-these-donations-during-the-past-few-months?hsLang=en) Source. FT **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 13/10/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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