Economists are reacting to President Donald Trump’s latest tariff escalation with China, as well as the subsequent walk-back over the weekend, following the sharp selloff in risk assets on Friday. On Sunday, in a post on X, economist Peter Schiff said, “TACO strikes again,” a term recently coined by traders and a shorthand for “Trump Always Chickens Out,” referring to Trump’s history of making threats but not following through on them, especially when it comes to tariffs.