SMU Community Chat: Tanners talks 2026, TACO, tariffs, and 2025's market trends

The days of TACO (“Trump always chickens out”), chiding President Donald Trump for walking back or delaying steel and aluminum tariffs, may have seen their heyday in 2025, according to Wells Fargo Managing Director Timna Tanners. At SMU’s final Community Chat of 2025 on Wednesday, Dec. 16, Tanners cautioned that steel tariffs are unlikely to go away.

She said, “The more that we have no steel TACO, the more we think there may be no steel TACO.”

Kristen DiLandro

Kristen DiLandro is a reporter for Steel Market Update. Kristen focuses on the micro and macro steel market conditions informing North American spot prices. Following her agency career in advertising, she attained an MFA in Writing from Savannah College of Art and Design. Kristen can be reached at kristen@steelmarketupdate.com or 724-221-8143.

Kristen DiLandro

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