Dimon's comments Wednesday come as Trump has threatened to impose a 25 percent tariff on products from Mexico and Canada by February 1 and a 10 percent tariff on Chinese imports. Earlier Wednesday, Trump also teased the notion of imposing "taxes, tariffs, and sanctions" on Russia if it doesn't end its war against Ukraine.

Welcome to CNBC’s live blog covering all the latest news, views and action on day 3 of the World Economic Forum in Davos, Switzerland.

Jamie Dimon, the billionaire head of the U.S.’ biggest bank, lauded Tesla CEO Elon Musk, the richest man on the planet and a key part of President Donald Trump’s administration, on Wednesday, squashing a long-running beef between the billionaires’ companies as Dimon becomes the latest billionaire warming to Musk or Trump.

JPMorgan CEO Jamie Dimon told CNBC on Wednesday that the looming tariffs that President Donald Trump is expected to slap on U.S. trading partners could be viewed positively.

Jamie Dimon remains steadfast in JPMorgan's DEI efforts, despite facing challenges from conservative activist investors and Trump's recent crackdown on DEI initiatives.

President Donald Trump spoke virtually to the World Economic Forum and touted his tax cut and tariff plans while calling for global businesses to make their products in America.

JPMorgan CEO Jamie Dimon said he and Elon Musk “hugged it out” and put aside nearly a decade of tense interactions thanks to a conversation the pair had at a conference last year.

CEO Jamie Dimon praised Tesla Inc (NASDAQ:TSLA) CEO Elon Musk on Wednesday and indicated that the two billionaires have patched holes in their relationship.

"Our commitment to an enterprise rooted in respect and inclusion is appropriate and necessary," Costco's board of directors said

"Elon and I hugged it out," Dimon told CNBC in a TV interview at the World Economic Forum's annual event in Davos, Switzerland. "He came to one of our conferences, [and] he and I had a nice, long chat. We settled some of our differences."

Greg Baer, head of the Bank Policy Institute, echoed the president's assertion that unchecked supervisors are urging banks to drop risky clients .