President Donald Trump‘s presidency has been uniquely good for businesses, according to Bill Ackman, CEO of Pershing Square Capital Management.
“I think Trump has been the most pro-business president we’ve ever had,” Ackman said Tuesday morning on CNBC’s “Squawk Box.”
Ackman pointed to infrastructure and tax bills as having positive effects for businesses. He also noted that the Federal Reserve is “accommodative” of interest rate cuts.
Ackman acknowledged that he was “a little bit concerned” by Trump’s market-roiling tariff policy first unveiled in April. However, Ackman credited Trump for changing his position after the billionaire investor suggested taking a pause before implementing the policy.
“I trust the president,” said Ackman, who has been a public supporter of Trump. “I think he’s done an excellent job.”
While the market initially sold-off after Trump shared his plan for broad and steep levies, the S&P 500 has surged around 19% since the early April announcement. The benchmark index is on track to finish 2025 almost 15% higher. That would mark its third straight annual gain.
Investors have long expected Trump would benefit companies given his emphasis on deregulation. Stocks shot up following his victory in November of last year.
S&P 500 in 2025
Ackman said geopolitical risk for the market has been declining. Still, he said he wished the U.S. and China had a “better relationship.”
Ackman’s comments come as the U.S. and China have faced off over rare earth minerals in recent weeks.
Trump hiked tariffs this month after China tightened export restrictions on the materials and has pushed for a supply chain that’s independent of the Asian country. He signed an agreement with Australian Prime Minister Anthony Albanese on Monday focused on rare earths.
On the other hand, Ackman called for chief executives of New York City-based companies to encourage their workers to vote in the mayoral election early next month. Ackman has criticized Zohran Mamdani, the Democratic nominee for mayor whose surprise victory in the primary has unsettled Wall Street.
Ackman said Mamdani is “accurate in identifying the problems with the city,” pointing specifically to his focus on affordability and public safety. But Ackman said the Democrat has the “wrong” policies for solving these challenges.
“We do not want a socialist leading the most important financial city in the country,” Ackman said in reference to Mamdani.
