President Donald Trump returned to the White House in January determined to overturn decades of American policy and build a tariff wall around a U.S. economy that used to be pretty much wide open to foreign products.

The rulings against the levies in two federal courts – the U.S. Court of International Trade and the U.S. District Court in Washington, D.C. -- centered on Trump's unprecedented invocation of the International Economic Emergency Powers Act as a legal justification for tariffs.

The president called the prominent judicial activist Leonard Leo a “real ‘sleazebag’” and said the Federalist Society had led him astray in his first term.

Donald Trump has angrily dismissed claims that he “always chickens out” on his tariff threats. Buffeted by the White House’s flip-flopping, Wall Street traders have coined an acronym to describe their investing strategy: Taco (Trump always chickens out).