COMMENT

Trump doesn’t do deals. He does TACO

Trump’s second-term diplomacy reveals bluster, not bargains. From stalled talks on Iran and Ukraine to empty proposals for Gaza, his ‘deal-making’ record looks more like bluff and retreat than strategic mastery.

Rashmee Roshan Lall

Jun 11, 2025 — 3 min read

I n the toadying way we think might come straight from Pyongyang, several of Donald Trump’s cabinet members have praised his ability to negotiate, calling him the best dealmaker ever and justly renowned for the art of the deal.

But in actual fact, let’s look at Mr Trump’s ‘deals’ in the 20 or so weeks he’s been US president for a second time. Here’s Mr Trump’s view of his ‘deals’ in his own words: “I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!”

— CREDIT: TRUTH SOCIAL/DONALD TRUMP —

After speaking to Russia’s President Vladimir Putin, Mr Trump said it was “not a conversation that will lead to immediate Peace” in Ukraine.

On his administration’s talks on Iran’s nuclear programme, Mr Trump has said this after several weeks of negotiation: “Time is running out on Iran’s decision pertaining to nuclear weapons, which must be made quickly! It is my opinion that Iran has been slow-walking their decision on this very important matter”. He added that Mr Putin agrees with him that Iran cannot have a nuclear weapon and noted that the Russian president suggested he could participate in the discussions with Iran in order to help get a deal.

Doesn’t sound much like a strongman, does he? Nor a great negotiator?

As for Gaza, Mr Trump has really done little more than offer the world a grotesque and cruel proposal for the US (or the Trump Organisation, and it’s not clear the US president sees a difference) to take ownership of the territory and re-develop it into the “Riviera of the Middle East”.

Meanwhile, Israel pursues months of brutal collective punishment of the people of Gaza without Mr Trump saying a word or doing anything to stop the bombing and the mass starvation.

The other pattern discerned by the markets on Mr Trump’s bid to make deals is as follows: He grandly levies steep tariffs on various countries and then announces a partial or complete suspension, perhaps in an attempt to back away from very bad outcomes.

This tendency on Mr Trump’s part has spawned the wonderful acronym-laden term ‘Taco Trade’, ie Trump Always Chickens Out. If you’re the markets or an aggressor (someone like Mr Putin) you bet that Mr Trump will do so.

He doesn’t do deals. He does TACO.

CREDIT: EUROPEANS TODAY —

— Donald Trump doesn’t do deals. He does TACO.

(Incidentally, even Mr Trump’s eponymous book on the art of the deal was written by someone else.)

XTRA | WHO ACTUALLY WROTE “THE ART OF THE DEAL”

“The Art of the Deal” was ghostwritten by Tony Schwartz, though it is credited to Donald Trump “with Tony Schwartz.”

Schwartz has publicly stated that he wrote the book and that Donald Trump’s involvement in the actual writing was minimal, primarily consisting of removing a few critical mentions of business colleagues.

Schwartz has also expressed regret for his role in writing the book.