It’s one of the most famous quotes from Shakespeare: “What’s in a name? That which we call a rose by any other name would smell as sweet.” Juliet says it about Romeo, suggesting she loves him not for his family connections but for who he is. In modern politics however, especially in the US, names and name-calling in the Donald Trump era seem to have a different significance, and it’s not so sweet.
American media outlets are full of observations about the nickname given to Mr Trump by Wall Street insiders. He is known, they say, as “Taco Trump”, but not because of his fondness for those crispy Mexican delicacies. It’s for his fondness for tariffs that are put on foreign imports at extremely high levels and then reduced – and then maybe reimposed and reduced again. The “Taco” tag stands for “Trump Always Chickens Out” meaning that he talks tough, makes an announcement but when confronted by resistance or jitters in the bond market, he backs down.
Mr Trump has described the nickname as “nasty”, but he himself is the king of nicknames and clickbait-friendly put-downs. He repeatedly referred to his predecessor Joe Biden as “Sleepy Joe”. He talked of “Crooked Hillary” Clinton. He sums up his entire political philosophy in four letters – not Taco but “Maga”, which stands for “Make America Great Again”. It’s not clear exactly when America ceased to be great, but that isn’t the point. Maga is a stroke of genius. It means that any American voter can think of anything in their lives that they don’t like, and Mr Trump’s slogan somehow might miraculously fix it.
Outside the US, in some other countries Maga has come to mean “Make America Go Away” and stop tariffs unsettling the world economy. There are even ruder terms in circulation that I won’t quote here but which are used to describe the Trump-inspired market fluctuations. This market volatility has been noted by investors who – if they assume that tariff uncertainty is pushing markets up and down – may be able to choose how to buy in the dip and sell on the upturn at a profit.
Reuters quoted Mark Spindel, the chief investment officer of Potomac River Capital, observing that the market is caught “in a pinball machine as a result of [Mr Trump’s] policymaking process”. The White House official line is that Taco and the other jibes are “asinine acronyms”, but the fact they have had to respond suggests Mr Trump and his staff are well aware of the communication skills involved in making a neat – if nasty – nickname or observation. It’s a skill that Mr Trump has himself used for years. Why? Because it works.
The stark truth about politics and economics in the 21st century is that most voters don’t have the patience, the inclination or even the skills to analyse economic or trade policies. What tariff should be on imports of beef? How about cars or clothing or iPhones? What are the implications? Will the share prices of importers and manufacturers go up or down? Most of us don’t know, and perhaps most of us don’t care, until the car or washing machine or clothes we plan to buy suddenly go up in price. But a brief phrase or nasty nickname cuts through where a PhD in economics or a disquisition on the benefits of free trade may not.
The Taco jibe has also sparked off a creative deluge of another kind. On social media there are now endless memes, some showing Mr Trump in a yellow chicken suit, sometimes covered in tacos. When popular culture picks up a meme or a slogan like this – as all those Maga hats prove – then words really do matter and they cut through.
So what should Mr Trump do about the Taco jibe? Nothing, probably. Ignore it. But it will not go away. California Governor Gavin Newsom, a probable candidate for the Democratic Party’s presidential nomination in 2028, jokes publicly that “it’s raining tacos”. Other Democrats, who have seemed silent or even neutered by the Trump blitz on Washington, have picked up the serious point. For them, the Taco jibe sums up in four letters the Trump administration’s apparent economic incoherence in the way tariffs are being used.
Until most voters notice changes in prices to the things they want to buy but can no longer afford, the economic arguments may be lost. But the political capital from the nickname, especially the alliteration of “Taco Trump”, is appearing on outlets ranging from the sober pages of The New York Times to the lower depths of clickbait social media.
For Mr Trump’s opponents, it’s a useful propaganda tool. And it may have wider implications, too.
This is a President who suggested he could end the Ukraine war in 24 hours, change China’s lucrative US trade imbalances and solve the problems of Gaza. Faced with leaders like Vladimir Putin, Xi Jinping and Benjamin Netanyahu, perhaps the Taco tag and the idea that “Trump Always Chickens Out” is something the world’s hard-nosed leaders may already be considering.
more from Janine di Giovanni
ELECTION%20RESULTS
%3Cp%3EMacron%E2%80%99s%20Ensemble%20group%20won%20245%20seats.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20second-largest%20group%20in%20parliament%20is%20Nupes%2C%20a%20leftist%20coalition%20led%20by%20Jean-Luc%20Melenchon%2C%20which%20gets%20131%20lawmakers.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20far-right%20National%20Rally%20fared%20much%20better%20than%20expected%20with%2089%20seats.%3C%2Fp%3E%0A%3Cp%3EThe%20centre-right%20Republicans%20and%20their%20allies%20took%2061.%3C%2Fp%3E%0A
Global state-owned investor ranking by size
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How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
COMPANY%20PROFILE
%3Cp%3ECompany%20name%3A%20Znap%3C%2Fp%3E%0A%3Cp%3EStarted%3A%202017%3C%2Fp%3E%0A%3Cp%3EFounder%3A%20Uday%20Rathod%3C%2Fp%3E%0A%3Cp%3EBased%3A%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3EIndustry%3A%20FinTech%3C%2Fp%3E%0A%3Cp%3EFunding%20size%3A%20%241m%2B%3C%2Fp%3E%0A%3Cp%3EInvestors%3A%20Family%2C%20friends%3C%2Fp%3E%0A
Biog
Age: 50
Known as the UAE’s strongest man
Favourite dish: “Everything and sea food”
Hobbies: Drawing, basketball and poetry
Favourite car: Any classic car
Favourite superhero: The Hulk original
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The specs: 2018 Mercedes-Benz S 450
Price, base / as tested Dh525,000 / Dh559,000
Engine: 3.0L V6 biturbo
Transmission: Nine-speed automatic
Power: 369hp at 5,500rpm
Torque: 500Nm at 1,800rpm
Fuel economy, combined: 8.0L / 100km
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3C%2Fstrong%3E%3A%20ASI%20(formerly%20DigestAI)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Quddus%20Pativada%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Artificial%20intelligence%2C%20education%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%243%20million-plus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20GSV%20Ventures%2C%20Character%2C%20Mark%20Cuban%3C%2Fp%3E%0A
More on animal trafficking
More on animal trafficking
Killing of Qassem Suleimani
More from Neighbourhood Watch:
Read more about the coronavirus
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
Match info
Huddersfield Town 0
Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
