Key Highlights
- Bill Ackman, CEO of Pershing Square Capital Management, called President Donald Trump “the most pro-business president we’ve ever had.”
- Ackman credited Trump for infrastructure and tax bills positively affecting businesses.
- The S&P 500 has surged around 19% since the early April announcement of market-roiling tariff policy changes.
- Ackman criticized Zohran Mamdani, the Democratic nominee for mayor of New York City, saying he does not have the right policies to address city challenges.
The Business Impact of Trump’s Presidency
In a recent interview on CNBC’s “Squawk Box,” Bill Ackman, CEO of Pershing Square Capital Management, praised President Donald Trump as “the most pro-business president we’ve ever had.” This assessment comes at a time when the S&P 500 has shown significant gains following Trump’s policies. According to Ackman, the infrastructure and tax bills underpinning these positive effects have been critical.
“I think Trump has been the most pro-business president we’ve ever had,” said Ackman, highlighting the positive outcomes of his administration on business. The S&P 500 index has surged around 19% since early April when Trump announced plans for broad and steep tariffs.
This performance is even more remarkable given that the stock market initially sold off after the announcement. As of October 2025, the S&P 500 is on track to finish the year almost 15% higher, marking its third consecutive annual gain.
Expert Perspectives and Market Trends
The market’s reaction to Trump’s policies reflects a broader sentiment among business leaders. Ackman’s comments align with those of other financial experts who have noted that Trump has indeed been beneficial for businesses through deregulation and tax cuts. His emphasis on pro-business measures has contributed significantly to the economic climate, according to financial analysts.
“The market has responded positively to many of President Trump’s policies,” explained Ackman in his interview. “Infrastructure and tax bills have had a positive effect on businesses.” Ackman also noted that the Federal Reserve’s accommodative stance on interest rates has further supported this economic environment, making it easier for companies to access capital.
Concerns and Criticisms
Ackman acknowledged some concerns about Trump’s market-roiling tariff policy first unveiled in April. “I’m a little bit concerned by the market-roiling tariff policy,” he said, adding that this was not his initial reaction but rather one of caution after reviewing the broader implications.
However, Ackman praised the president for changing his position after listening to the investor’s suggestion to take a pause before implementing the policy. “I trust the president,” he stated, emphasizing that Trump has done an excellent job in managing these economic challenges. Despite the initial market sell-off, the continued positive performance of the S&P 500 indicates that investors have adapted and are now benefiting from the administration’s policies.
City Politics and Corporate Responsibility
In a broader context, Ackman also addressed city politics by urging chief executives of New York City-based companies to encourage their workers to vote in the upcoming mayoral election. He criticized Zohran Mamdani, the Democratic nominee for mayor whose surprising victory in the primary has unsettled Wall Street.
Ackman believes that Mamdani is “accurate in identifying the problems with the city,” specifically pointing to his focus on affordability and public safety. However, he argues that Mamdani’s proposed policies are not the right solution. Ackman stated, “We do not want a socialist leading the most important financial city in the country.” This statement underscores the ongoing debate between business leaders and progressive politicians regarding the future direction of New York City.
