Why is Russia so special to Donald Trump? Why does Trump always give Vladimir Putin a free pass? Those are questions that have long been asked (for various reasons), ever since Trump entered politics. But no matter what the actual answer is (many have speculated, but nobody truly knows, other than Trump himself), the fact that Trump treats Vladimir Putin's Russia with kid gloves is an incontrovertible fact.

The most recent glaring example of this is how Russia has (up to this point) been declared exempt from Trump's global trade war. Trump has been all over the map with his tariff threats, but one part of it has remained consistent: a 10 percent tariff on all countries, no matter what. This initially included every country Team Trump could find on a map -- including one solely populated by penguins -- but not Russia.

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Once again, this week was consumed by an out-of-control political fire that is engulfing Donald Trump, his attorney general, the F.B.I., and all of Trump's fellow Republicans in Congress. They built a political Ponzi scheme out of the Epstein files, and it has now completely collapsed around them.

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That headline is somewhat confusing, since it is not actually "Taco Tuesday," but instead merely the day which followed "TACO Monday." The latter, of course, refers to the neologism "Trump Always Chickens Out," which was created to describe exactly what took place yesterday. But it is also applicable to a different foreign policy stance (or "crouch," more like) that Donald Trump has been taking, which he is now threatening to change (but probably won't).

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In Washington, all eyes are on the Senate today. They are currently going through the procedure known as "vote-a-rama" (which is right up there with the "Byrd bath" when it comes to cutesy-poo terms for legislative activity). The vote-a-rama is taking place on the Republican budget bill (which is not cutesy at all, because it is filled with poo).

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Next month, America will celebrate its 249th birthday on July 4th. But the rest of the world will be much more concerned with what happens five days later, on July 9th. That is the deadline for Donald Trump's 90-day "pause" in what he calls his "reciprocal tariffs" on the rest of the world. Either countries have a new trade deal in place with the U.S. by that date, or else steep tariffs will once again be imposed upon them.

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The world's richest man and the world's most powerful man got into an online fight yesterday, which began when Elon Musk tweeted out: "Donny Trump is a poopyhead!" -- to which Donald Trump immediately responded: "No YOU'RE the poopyhead Elon!!!"

Well, no. That's not actually how it happened. But it's not that far from the reality, sad to say.

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In the annals of warfare, at times new inventions completely revolutionize how wars are fought. The full list of these is long, so here are just a few prominent historical examples: gunpowder, the rifle cartridge (as opposed to musket balls), the machine gun, airplanes, and tanks. War-changing inventions don't always have to be offensive weapons -- radar would certainly qualify. In each case, however, the introduction of something new onto the battlefield has completely changed how wars are fought. Battleships had to give way to aircraft carriers. Before that, cavalry gave way to tanks. So it goes.

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This week, Wall Street figured out something about Donald Trump (that Vladimir Putin has known for quite a while now) and gave it a catchy name: "TACO." This stands for: "Trump Always Chickens Out."

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Donald Trump may accomplish one big thing as president, in his second term. He may speed up the judicial process to the point where its decisions are still actually relevant when they are handed down.

I say this after the legal whiplash of the last 24 hours or so, as first two federal courts ruled (independently of each other) that Trump's worldwide tariffs were illegal, and then today an appellate court temporarily halted the injunction (which would have erased all the tariffs Trump announced on "Liberation Day"). So we're now (temporarily, at least) back to where we were before yesterday's rulings, as the appellate court has asked both the plaintiffs and the Trump administration to file their responses in the next two weeks. They could issue a final ruling on the appeal at any time after that. Obviously, no matter which way the appellate court rules, this case seems destined for the Supreme Court in the end, but nobody knows how fast they'll rule on it (if they followed their normal schedule, it'd take at least six months or so for a final ruling, but they may well expedite the case).

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There are two basic ways to successfully deal with a bully: you can stand up to him, or you can laugh at him. Wall Street is apparently now taking the second route, as traders openly ridicule Donald Trump.

There's a new acronym making the rounds on Wall Street: "TACO," or (more specifically) the "TACO trade." It stands for "Trump Always Chickens Out," and it refers to the resilience of the markets after a cycle which is becoming more frequent in Trump's tariff war. The cycle starts when Trump, in a fit of pique, announces insanely-high tariffs will be levied. The market then tanks. Trump then backs off and announces he will be "pausing" the tariffs, or severely rolling them back. The market then gains back what it had lost.

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