Legendary economist Art Laffer admitted on Wednesday he’s terrified of President Donald Trump’s tariffs, though he said he’s hopeful that Trump will reduce them once he secures some trade deals.

The LAEDC report gave a range for the economic output loss from the fires: $4.6 billion and 25,000 job-years lost on the low end to $8.9 billion and 53,000 job-years lost on the high-end.

A leading economist contends a recession is now more likely than not due to the Trump administration’s trade wars, and that the U.S. could suffer the biggest “stagflationary” shock in decades.