Michael Knowles

Mostly on the left, a little bit among the hysterics on the right.

And actually, here's a figure who fits both those camps, Bill Kristol.

He's now on the left, but he is also an hysteric from the right.

They immediately flipped from criticizing Trump for nuking Iran to criticizing Trump for not nuking Iran.

Bill Kristol tweets out last night, the mother of all tacos.

Taco Tuesday.

What do they mean by taco?

Taco is this acronym that cropped up on Wall Street, but has spread to the broader left and the Trump critical right, which is sometimes it's hard to distinguish between the two.

Taco stands for Trump always chickens out.

Now, the reason that this arose on Wall Street is because Wall Street got really freaked out last April because of the tariffs.

When Trump said, I'm going to tariff the whole world at 10 billion percent, and we're going to replace the income tax with tariff revenue, and this is going to completely reshape the economic order.

And there were people on Wall Street who freaked out.

Most people didn't, which is why the markets have remained not only stable, but have hit record highs.

But some people freaked out.

And then what did Trump do?

The tariffs weren't as bad as he was threatening.

Trump will threaten a 100 percent tariff on a country and then he'll bring it down to 38 percent and then maybe he'll bring it down to nothing.

But then maybe that country does something he doesn't like.

He threatens to bring it up to 15 percent again.

And the upshot of it all is the tariffs were not nearly as bad as he threatened.