The last week of Trans-Atlantic relations unfolded like a fiscal quarter, complete with threats, reversals, and sudden relief rallies. Europe and the U.S. actually prepared for war, and it’s not an overstatement to say that the once vaunted North Atlantic Treaty Alliance (NATO) will never be the same. $1.2 trillion was wiped away from the S&P alone, and as usual when his policies adversely impact his billionaire friends, Trump chickened out, proving correct the wisdom of the TACO (Trump Always Chickens Out) trade.