Global equities are experiencing a "synchronized bull market," fueled by years of the easy money policies of world central banks, Chanos said on CNBC's "Fast Money Halftime Report."
"There's the general view that what's worked will continue to work," he argued. "To put it either pro or con on the basis of President Trump's policies is, at this point, a stretch."
To make his case, Chanos asked: Is Trump responsible for rallies in markets such as Mexico, too? Chanos has been critical of Trump in the past.
The bull market has been creating great opportunities for betting against companies, or shorting stocks, but the overall up-trend has made it tough, said Chanos.
"It's easier of course" to find short ideas, he said. "They just don't work."
Chanos' Kynikos Associates is one of the world's largest short sellers.
Short selling is a practice in which traders can bet against a company by selling shares they don't own and buying them back at a lower price.
He gained recognition for raising red flags with a prescient negative call on once high-flying Enron before the energy firm blew up in scandal.