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New U.S. tariffs will take effect on countries across the world Wednesday in what he's calling "Liberation Day," creating potentially profound political consequences for President Donald Trump both at home and abroad.The new taxes are expected to impact consumer prices and jobs, especially in port cities and across the manufacturing belt in the South. Trump argues his tariffs will spur domestic manufacturing, creating more jobs and an economic "boom." But, experts warn that the immediate aftermath could lead to increased prices on everything from car parts to groceries to oil."Those are Trump voters. And if this costs them jobs, if their prices go up when they go shopping, at Walmart or Costco, there absolutely could be a terrible backlash for the president," Hearst Political Analyst Marc Sandalow said. "If the tariffs result in a boom in high-paying manufacturing jobs in the United States, that's what Trump is counting on. People are going to love that, but that's probably years down the road. The immediate cost is likely to be paying higher prices."Internationally, experts say the demand for foreign products is so high and profit margins so low that the president's tariffs may do little to equalize U.S. imports with exports."There is a point at which these threats are just not going to work anymore, and our trade partners basically will throw up their hands and say, 'You know what, I'm going to be focusing on other markets,'" former Acting Deputy U.S. Trade Representative Wendy Cutler said. "Frankly, the U.S.' trade deficit has a lot to do with strong consumer demand in the United States and not a particularly high savings rate."Trump says he will detail how the retaliatory tariffs work starting Wednesday and will not negotiate with other countries until they take effect.The trade war is also causing some pain for Republican lawmakers on Capitol Hill. Some have expressed discontent with the tariffs but recognize they are a negotiating tool. Meantime, Democrats have offered a bill that would end the emergency declaration signed by Trump, imposing tariffs against Canada for not doing enough to stop the flow of illegal drugs. The bill presents a potential off-ramp for Republicans to signal to their constituents that they don't agree with the tariffs but would mean they would have to side with Democrats on the issue.The European Union, which originally planned retaliatory tariffs Tuesday against the U.S. tariffs on steel and aluminum, is delaying them until mid-April. The bloc's leadership says it is waiting to see the impact of the tariffs before taxing things like beef, poultry, jeans and even peanut butter.