WASHINGTON —

President Donald Trump's so-called "Liberation Day" tariffs take effect Thursday on nearly 60 countries . Economists warn that both businesses and consumers will bear the financial burden as importers face taxes of up to 41% to bring goods into the U.S.

Trump argues the tariffs will bring balance to global trade and incentivize companies to bring manufacturing back home. Advertisement

"We want them to come home. They have to come home. We're going to treat them really well," Trump told reporters Wednesday. "We have a country that is going to be very rich. It's a country that we're very proud of, but it's going to be very rich."

But the president's push for tariffs will come at a cost. Economists say businesses are already feeling the squeeze as data shows slowed hirin

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