Half of Americans say they live paycheck to paycheck, so no - the majority of households will not be able to survive for long if they have to spend an extra few thousand to stay where they are today.

Those that can will be cutting spending, which will ripple across the rest of the economy.

There's no sign that negotiation is even possible, never mind likely.

One tell is that tariffs have been applied to the Heard and McDonald Islands, which are inhabited by penguins and produce no imports or exports.

These are not the actions of a rational administration.