Index: src/js/_enqueues/vendor/tinymce/plugins/wordpress/plugin.js
===================================================================
--- src/js/_enqueues/vendor/tinymce/plugins/wordpress/plugin.js	(revision 44988)
+++ src/js/_enqueues/vendor/tinymce/plugins/wordpress/plugin.js	(working copy)
@@ -12,7 +12,8 @@
 		__ = editor.editorManager.i18n.translate,
 		$ = window.jQuery,
 		wp = window.wp,
-		hasWpautop = ( wp && wp.editor && wp.editor.autop && editor.getParam( 'wpautop', true ) );
+		hasWpautop = ( wp && wp.editor && wp.editor.autop && editor.getParam( 'wpautop', true ) ),
+		wpTooltips = false;
 
 	if ( $ ) {
 		$( document ).triggerHandler( 'tinymce-editor-setup', [ editor ] );
@@ -581,41 +582,6 @@
 				}
 			});
 		}
-
-		if ( editor.settings.wp_shortcut_labels && editor.theme.panel ) {
-			var labels = {};
-			var access = 'Shift+Alt+';
-			var meta = 'Ctrl+';
-
-			// For Mac: ctrl = \u2303, cmd = \u2318, alt = \u2325
-
-			if ( tinymce.Env.mac ) {
-				access = '\u2303\u2325';
-				meta = '\u2318';
-			}
-
-			each( editor.settings.wp_shortcut_labels, function( value, name ) {
-				labels[ name ] = value.replace( 'access', access ).replace( 'meta', meta );
-			} );
-
-			each( editor.theme.panel.find('button'), function( button ) {
-				if ( button && button.settings.tooltip && labels.hasOwnProperty( button.settings.tooltip ) ) {
-					// Need to translate now. We are changing the string so it won't match and cannot be translated later.
-					button.settings.tooltip = editor.translate( button.settings.tooltip ) + ' (' + labels[ button.settings.tooltip ] + ')';
-				}
-			} );
-
-			// listbox for the "blocks" drop-down
-			each( editor.theme.panel.find('listbox'), function( listbox ) {
-				if ( listbox && listbox.settings.text === 'Paragraph' ) {
-					each( listbox.settings.values, function( item ) {
-						if ( item.text && labels.hasOwnProperty( item.text ) ) {
-							item.shortcut = '(' + labels[ item.text ] + ')';
-						}
-					} );
-				}
-			} );
-		}
 	});
 
 	editor.on( 'SaveContent', function( event ) {
@@ -718,6 +684,92 @@
 		}
 	});
 
+	editor.on( 'beforerenderui', function() {
+		if ( editor.theme.panel ) {
+			replaceButtonsTooltips( editor.theme.panel.find( 'button' ) );
+			addDropdownShortcuts();
+		}
+	} );
+
+	function prepareTooltips() {
+		var access = 'Shift+Alt+';
+		var meta = 'Ctrl+';
+
+		wpTooltips = {};
+
+		// For Mac: ctrl = \u2303, cmd = \u2318, alt = \u2325
+		if ( tinymce.Env.mac ) {
+			access = '\u2303\u2325';
+			meta = '\u2318';
+		}
+
+		// Some tooltips are translated, others are not...
+		if ( editor.settings.wp_shortcut_labels ) {
+			each( editor.settings.wp_shortcut_labels, function( value, tooltip ) {
+				var translated = editor.translate( tooltip );
+
+				value = value.replace( 'access', access ).replace( 'meta', meta );
+				wpTooltips[ tooltip ] = value;
+
+				// Add the translated so we can match all of them.
+				if ( tooltip !== translated ) {
+					wpTooltips[ translated ] = value;
+				}
+			} );
+		}
+	}
+
+	function getTooltip( tooltip ) {
+		var translated = editor.translate( tooltip );
+		var label;
+
+		if ( ! wpTooltips ) {
+			prepareTooltips();
+		}
+
+		if ( wpTooltips.hasOwnProperty( translated ) ) {
+			label = wpTooltips[ translated ];
+		} else if ( wpTooltips.hasOwnProperty( tooltip ) ) {
+			label = wpTooltips[ tooltip ];
+		}
+
+		return label ? translated + ' (' + label + ')' : translated;
+	}
+
+	function replaceButtonsTooltips( buttons ) {
+
+		if ( ! buttons ) {
+			return;
+		}
+
+		each( buttons, function( button ) {
+			var tooltip;
+
+			if ( button && button.settings.tooltip ) {
+				tooltip = getTooltip( button.settings.tooltip );
+				button.settings.tooltip = tooltip;
+
+				// Override the aria label wiht the translated tooltip + shortcut.
+				if ( button._aria && button._aria.label ) {
+					button._aria.label = tooltip;
+				}
+			}
+		} );
+	}
+
+	function addDropdownShortcuts() {
+		// listbox for the "blocks" drop-down
+		each( editor.theme.panel.find( 'listbox' ), function( listbox ) {
+			if ( listbox && listbox.settings.text === 'Paragraph' ) {
+				each( listbox.settings.values, function( item ) {
+					if ( item.text && wpTooltips.hasOwnProperty( item.text ) ) {
+						item.shortcut = '(' + wpTooltips[ item.text ] + ')';
+					}
+				} );
+			}
+		} );
+	}
+
 	/**
 	 * Experimental: create a floating toolbar.
 	 * This functionality will change in the next releases. Not recommended for use by plugins.
@@ -752,6 +804,7 @@
 
 			each( buttons, function( item ) {
 				var itemName;
+				var tooltip;
 
 				function bindSelectorChanged() {
 					var selection = editor.selection;
@@ -842,6 +895,12 @@
 								item.size = settings.toolbar_items_size;
 							}
 
+							tooltip = item.tooltip || item.title;
+
+							if ( tooltip ) {
+								item.tooltip = getTooltip( tooltip );
+							}
+
 							item = Factory.create( item );
 
 							buttonGroup.items.push( item );
Index: src/wp-includes/class-wp-editor.php
===================================================================
--- src/wp-includes/class-wp-editor.php	(revision 44988)
+++ src/wp-includes/class-wp-editor.php	(working copy)
@@ -1151,7 +1151,6 @@
 				// Link plugin
 				'Link'                                 => __( 'Link' ),
 				'Insert link'                          => __( 'Insert link' ),
-				'Insert/edit link'                     => __( 'Insert/edit link' ),
 				'Target'                               => __( 'Target' ),
 				'New window'                           => __( 'New window' ),
 				'Text to display'                      => __( 'Text to display' ),