The term “TACO,” short for Trump Always Chickens Out, has been used to describe how markets tumble on the president’s tariff threats, then rebound when he gives way.

Just as investors thought they could take a break from tariff scares, President Trump’s threats of new levies against the EU and Apple threw trade tensions back into focus ahead of a long holiday weekend.

Apple was recouping some of its losses after President Donald Trump threatened to impose a levy on iPhones sold in the U.S.