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Blackstone ( BX ) CEO Steve Schwarzman said Thursday that "a fast resolution" to President Trump's tariff talks with other countries is critical to keep the economy on a "growth path."

Schwarzman, a billionaire GOP donor who was one of Trump's biggest backers on Wall Street during the 2024 campaign, made the comments after his private equity firm reported first quarter earnings.

He noted that it was "too early" to assess the full impact of tariffs since that still depends on the outcome of negotiations with other countries. Trump paused many of his so-called reciprocal tariffs for 90 days to give trade talks more time.

Read more: The latest news and updates on Trump's tariffs

The "most important questions are how sustained will this period of uncertainty be, and what are the second-order consequences, both domestically and for foreign countries," he added. "We believe a fast resolution is critical to mitigate risks and keep the economy on a growth path."

Schwarzman also offered an assessment of the potential impact on Blackstone, which has huge holdings of real estate, private companies, and other assets.

There may be a "potentially material impact to a relatively small group of our [portfolio] companies," he said, but higher costs and reduced supply are also "supportive for real estate values," as long as there isn't a recession.

Read more: What is a recession, and how does it impact you?

Schwarzman became the latest Wall Street CEO to weigh in on the economic impact of Trump's tariffs, which have roiled markets and created new uncertainty about the future of the US economy.

Goldman Sachs ( GS ) CEO David Solomon said that the prospect of a recession " has increased ." JPMorgan Chase ( JPM ) CEO Jamie Dimon said the economy faces " considerable turbulence ," with a recession as a "likely outcome." Bank of America ( BAC ) CEO Brian Moynihan said his bank's research team didn't see a recession happening but acknowledged that "we potentially face a changing economy in the future."

Schwarzman wasn't the only Blackstone executive who had some things to say about Trump's tariffs on Thursday.

Blackstone chief operating officer Jon Gray, widely viewed as Schwarzman's eventual successor, said an economic slowdown would produce elevated corporate defaults in certain parts of the economy, like retail and manufacturing.

But, he added, "I just don't see it on a really broad base unless the economy slows much more than we expect."

On the flip side, Blackstone could also benefit from the recent period of "uncertainty and dislocation," Gray added.

"We have 177 billion of dry powder. So when the dislocation occurs ... we can do the opposite of what's happening in markets, and that allows you to generate excess returns. You want to be able to lean in when prices come down."

The company sold $25.5 billion of investments in the first quarter — $10.5 billion more than it realized in the year-ago period and $400 million less than it realized in the previous quarter.

Exits from the company's private equity and real estate divisions were more muted, while those within its credit and insurance arm rose compared to the last three months of 2024.

Overall first quarter distributed earnings rose 11% to $1.4 billion, while quarterly net income fell 27% to $615 million from the year-ago period.

Blackstone's stock rose Thursday morning. It is down 24% since the beginning of the year amid a wider pullback in financial stocks due to tariff uncertainty.

"The faster this tariff diplomacy can play out, the better it would be for the economy and markets," Gray added.

David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance.