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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."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 hiring and investment amid market uncertainty and signs of economic strain. It's not just businesses feeling the impact. Before Liberation Day tariffs took effect, the Yale Budget Lab put the cost to the average American family at an additional $2,400 each year."Just because a business swallows part of the tariff doesn't mean there's no cost to the American economy," Ernie Tedeschi from the Yale Budget Lab said. "If a business is less profitable or has less of a margin, it's going to invest less, it's going to hire less. And that has long-term economic pain as well." Trump also previewed a 100% tariff on computer chips, making it unclear how the move would work in tandem with other tariffs he's put in place. With two-thirds of chips made in Asia and most modern electronics needing them in order to run, the Biden administration invested $50 billion to bring more chip plants to the U.S. – incentives Trump now wants to get rid of. While some construction is underway, many plants will take time to build.Meanwhile, Trump is doubling tariffs on India later this month to 50%, citing retribution for India's purchase of Russian oil to limit the country's income for funding the war in Ukraine. China, Turkey, and Brazil are also purchasing Russian oil, which Trump said he'll enact similar tariffs on soon. The 50% tax will drive prices up on the biggest imports from India, including electronics, pharmaceuticals, and jewelry.Also on Wednesday, Apple said it's investing $100 billion to deepen its domestic supply chain, partnering with 10 companies across the country to make computer components, magnets, and glass for Apple devices. However, Apple is not committing to making iPhones in the U.S. as Trump has demanded, something analysts say would make prices go up by thousands of dollars. Apple's supply chain is deeply rooted in Asia, with most assembly taking place in China, India, and Vietnam, which are countries facing Trump's higher tariffs.Watch the latest on tariffs: