(NewsNation) — President Donald Trump has declared Wednesday as “Liberation Day,” when U.S. tariffs on foreign goods take effect.

However, the tariffs have raised fears of an economic downturn; Goldman Sachs now sees a 35% chance of a recession in the U.S. over the next year.

Trump has said in the past that the tariffs will bring jobs back to the U.S. However, economists warn that consumers will see higher prices with tariffs in effect.

On Monday, Bill O’Reilly joined NewsNation’s “On Balance” to talk about Trump’s tariff policies. He said the president is doing this to make sure the U.S. has a fair chance of selling its products abroad. But O’Reilly added that Trump is running an “enormous risk” with the policy.

“This time next year, if the economy is wobbly and prices have not come down substantially, Democrats will win the midterms,” O’Reilly said. “And that’s it for Donald Trump’s presidency.”