Allegra Stratton: Relief for the UK as the Taco Returns
Some relief for the UK economy as Trump pauses threats to Iran
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There was widespread relief in international markets just before lunchtime today as President Donald Trump took his capital letters to Truth Social to say he would not be attacking Iranian energy infrastructure, at least not for the next five days. Cue much talk of the TACO’s return (if you need reminding, that stands for: “Trump Always Chickens Out”).
I’ll leave our Markets Today team below to talk you through the wild swings this induced in the stock markets, not least because Iran disputed Trump’s account causing yet more swings. But surely his new deadline five days hence means no strikes on energy infrastructure, with all the escalatory risks they bring, while markets are open this week?