US President Donald Trump has earned a new nickname as tensions over Iran and the Strait of Hormuz fuel fresh market and political commentary. Analysts are now moving from the earlier ‘TACO’ label to the new term ‘NACHO’ for the US President.The change comes amid an ongoing blockade between the Trump administration and Iran over control and access to the Strait of Hormuz, a key global energy route, and continued disruptions in oil shipments that have hit global fuel prices.Bloomberg columnist Javier Blas shed light on the new term in a post on X.“We thought we were getting a TACO, ‘Trump Always Chickens Out.’ But so far we’ve got Nacho, ‘Not a Chance Hormuz Opens,'” Blass wrote.The Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman and the Arabian Sea, handles about 20% of global crude oil shipments. Any disruption along the route has an immediate impact on global energy supplies and prices.Two months into the ongoing crisis, Iran has reportedly tightened its control over the strait, while the United States has imposed sanctions on Iranian ports and shipping activity.Iran has indicated it might consider reopening the waterway if U.S. sanctions are lifted, but Washington has said any relaxation would depend on Iran meeting its demands regarding its nuclear enrichment program.Despite the ceasefire framework, talks between the US, Israel and Iran have stalled several times. A planned follow-up round of talks recently collapsed after Trump recalled his negotiating team to Washington.The disruption has already sent fuel prices soaring, with U.S. gasoline prices reaching $4 a gallon earlier this month for the first time since 2022.What is a taco?TACO stands for ‘Trump Always Chickens Out’ and was coined by Financial Times columnist Robert Armstrong.This refers to a pattern observed by traders and analysts in which Trump announces aggressive tariffs or policy threats, markets react negatively and then the measures are delayed, reversed or softened.This pattern has become widely used on Wall Street, where some investors buy stocks after market declines due to policy announcements, with the expectation that there will be a rebound if the threats are not fully implemented.The rise of the ‘nacho’ labelNACHO stands for ‘Not a Chance Hormuz Opens’ and was described by Javier Blas. This reflects growing skepticism among traders that the Strait of Hormuz dispute will be quickly resolved despite diplomatic efforts and ceasefire arrangements.White House spokesman Kush Desai pushed back on the narrative, taking issue with critics of the administration’s trade and policy record.“Are these the same geniuses who thought President Trump would never secure voluntary most-favoured nation drug pricing deals or renegotiate broken trade deals?” Desai said in response to the new nickname, reports the Independent. Trump himself has previously rejected the ‘TACO’ label, calling it inaccurate and a negotiating tactic rather than a reversal of his actions.“I eat chicken? Oh, I’ve never heard of that,” he said earlier, arguing that market reactions are part of broader deal-making dynamics.