The iconic actor-and-director died at the age of 89 on Tuesday morning at his home at Sundance in the mountains of Utah.
"Robert Redford was great," Trump told reporters.
"He had a series of years where there was nobody better."
When asked what his favourite film of Redford's was, Trump said: "You have a lot of them. He made seven or eight great films.
"There was a period when he was the hottest."
Redford was one of the biggest stars and most acclaimed actors in Hollywood, having starred in hits such as Butch Cassidy and the Sundance Kid, All The President's Men and The Sting.
As well as his movies, Redford also left his impact on the movie industry after he helped establish Utah's annual Sundance Film Festival.
Hollywood has mourned Redford's passing, with A Beautiful Mind director Ron Howard dubbing the late Oscar-winning actor as an "artistic gamechanger".
On X, he wrote: "RIP and thank you Robert Redford, a tremendously influential cultural figure for the creative choices made as an actor/producer/director and for launching the Sundance Film Festival which supercharged America's Independent Film movement. Artistic Gamechanger."
Meanwhile, Meryl Streep - who starred opposite Redford in 1985's Out Of Africa and Lions For Lambs in 2007 - penned: "One of the lions has passed."
Author Stephen King also reflected on how Redford had influenced the movie industry.
He wrote: "Robert Redford has passed away. He was part of a new and excited Hollywood in the 70s and 80s. Hard to believe he was 89."
Star Trek icon William Shatner said: "Condolences to the family of Robert Redford."
James Dreyfus heaped praise on Redford, dubbing him "truly legendary".
He said: "RIP Robert Redford. Terrific actor, brilliant actor. Truly legendary."
Colman Domingo thanked Redford for his "everlasting impact" on the movie industry.
He wrote: "With love and admiration. Thank you Mr Redford for your everlasting impact. Will be felt for generations. RIP"
Marlee Matlin - the star of the Academy Award-winning 2021 picture CODA - shared a touching tribute to Redford, and said the movie had won its three honours thanks to its appearance at the Sundance Film Festival.
"Our film, CODA, came to the attention of everyone because of Sundance," she said.
"And Sundance happened because of Robert Redford. A genius has passed. RIP Robert Redford".
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