New York —

Wall Street traders embraced the term TACO — Trump always chickens out — earlier this year to describe President Donald Trump’s on-again, off-again position on tariffs. Trump liked to impose hefty import taxes but would inevitably back off when markets plunged, analysts said.

Now Trump is calling the market’s bluff.

Yet another round of new tariffs went effect on Thursday, lifting the average tax on US imports to the highest level since the 1930s.

Trump bet markets would absorb this latest news, adapt and move on — and so far he appears to have been right.

Stocks still closed higher on the week, with the Nasdaq hitting a record high on Friday and the S&P 500 notching its best week in over one month.

It’s a remarkable shift from early April, when the president’s “Liberati

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