Live updates and the latest news about the Trump administration as Russia's Medvedev warns of WWIII and JD Vance keynotes the bitcoin conference in Las Vegas.

Elon Musk told CBS he is 'disappointed' with President Donald Trump's 'big, beautiful' tax bill. Chloe Kim. More Videos

President Donald Trump wants the world to know he's no “chicken” just because he's repeatedly backed off high tariff threats. The U.S. Republican president's tendency to levy extremely high import taxes and then retreat has created what's known as the “TACO" trade,

President Trump responds to an emerging critique of his on-again, off-again tariff threats and suggests that his moves have helped the U.S. gain ground in trade negotiations.

US President Donald Trump dismissed the criticism, saying that he is bluffing countries with tariffs and backing out after the market sell-off. The criticism increased after Trump backed off the 50% tariff threat made against the EU last week.

Trump responded angrily toward a reporter in the White House after she told him that Wall Street investors are using a new acronym, TACO, to describe the ongoing tariff turmoil caused by Trump. The acronym stands for “Trump Always Chickens Out” and was reportedly coined by a Financial Times columnist.

Wall Street loves a catchy acronym, and the “TACO trade” has captured the mood as investors and analysts attempt to make sense of the roller-coaster market action that has followed President Donald Trump’s sweeping tariff threats and subsequent walk-backs.

The tongue-in-cheek term describes the pattern in which markets tumble after President Donald Trump makes tariff threats, then rebound when he relents.

President Donald Trump on Wednesday signed pardons for reality TV stars Julie and Todd Chrisley, who have been serving federal prison sentences since being convicted three years ago of bank fraud and tax evasion.

Grimm who represented Staten Island and parts of Brooklyn in Congress from 2011 to 2015, pleaded guilty in December 2014 to tax fraud.

President Trump has signed off on a full pardon for former Rep. Michael Grimm of New York, according to a White House official. Grimm, a Republican, was convicted in November 2014 of tax fraud and related charges stemming from his ownership of a Manhattan restaurant before joining Congress.