NACHO Trump: President receives new Nickname amid Hormuz stalemate

Wall Street traders have introduced a new acronym for US President Donald Trump, NACHO as frustration grows over the prolonged closure of the Strait of Hormuz.

The term stands for “Not A Chance Hormuz Opens,” according to Bloomberg columnist Javier Blas, who cited a trader on Wednesday. 

It follows the earlier nickname “TACO” (“Trump Always Chickens Out”).

The Strait of Hormuz, through which about one-fifth of the world’s oil and gas normally passes, has remained largely blocked amid tensions with Iran. 

Trump has alternated between threats and pauses in negotiations, telling reporters on Tuesday he was prepared to maintain pressure on Iranian ports for several months.

Oil futures have climbed on concerns the waterway could stay closed longer than expected, with traders now using the food-themed “NACHO” label to express doubts about a near-term resolution.