Blackstone chief executive Stephen Schwarzman backed U.S. President Donald Trump’s tariff policies, stating they will strengthen domestic manufacturing and stimulate economic growth. 

Speaking at Blackstone’s 20th-anniversary event in India, Schwarzman asserted that tariffs would ultimately lead to a surge in U.S. manufacturing, benefiting the global economy.

Despite concerns from economists about the potential for tariffs to slow global trade, Schwarzman believes the policy will enhance industrial output in the U.S. He also expects tariff negotiations between India and the U.S. to progress more smoothly than with other nations, citing a positive meeting between Trump and Indian Prime Minister Narendra Modi.

Beyond geopolitics, Blackstone is aggressively expanding its private equity and infrastructure investments in India. Amit Dixit, Blackstone’s head of Asia private equity, confirmed plans to double the firm’s assets under management in the country beyond the current $50bn. Blackstone already ranks among India’s largest commercial real estate investors, owning office buildings, shopping malls, and logistics parks.

The private equity giant also has stakes in key sectors such as IT services, electric vehicle components, and healthcare, where it has built one of India’s top three hospital chains. Additionally, Blackstone aims to expand its infrastructure portfolio, focusing on high-growth areas such as data centers, telecom towers, renewable energy, and transportation hubs.

With approximately $60bn in global infrastructure assets, Blackstone is positioning itself to capitalise on India’s increasing demand for large-scale infrastructure development. Schwarzman emphasized the firm’s commitment to supporting India’s economic growth, stating, “India needs infrastructure, and this is something we’d like to be involved in.”

The firm’s continued expansion in India underscores the growing role of private equity in shaping the country’s business landscape, with Blackstone leveraging its capital and global expertise to drive long-term value creation.