U.S. President Donald Trump will speak remotely at the World Economic Forum on Wednesday in Davos, Switzerland, delivering his first major speech to global business and political leaders. Trump is due to give a speech and engage in a dialogue at 11 a.

Chancellor Olaf Scholz voiced cautious optimism on Tuesday on the potential for German-U.S. relations under President Donald Trump, citing good first talks with his administration, but stressed the importance of "cool heads" in the face of uncertainty.

The dichotomy between the gatherings of rich and powerful at Donald Trump’s inauguration and at the World Economic Forum in Davos was stark as the world woke up to a new reality under Trump.

Officials and business executives at the annual gathering in Switzerland said the fight against global climate change would continue with or without the United States.

Businesses worldwide and mainstream economists are fretting about higher prices as President Donald Trump unveils his tariff-heavy economic strategy. But Jamie Dimon, CEO of the world’s largest bank,

Von der Leyen insisted that the United States remains an important partner, taking a conciliatory tone in a speech to the annual meeting of global elites in Davos, Switzerland. The EU's "first priority will be to engage early, discuss common interests, and be ready to negotiate" with Trump, she said.

President Donald Trump has once again threatened the EU with duties, and European leaders are vowing to respond in kind.

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.

Any EU offer to buy more US goods should be backed up by a credible threat to retaliate robustly if Trump goes ahead with tariffs. If there is a full-blown trade war, the EU will have retaliatory tariffs ready: a “negative list” of US products drafted to mirror Trump’s proposed tariffs could serve as a deterrent.

President Trump signed executive orders focusing on immigration and energy policies on Monday. JPMorgan Chase set up a war room. The law firm Fisher Phillips created an immigration hotline to help clients manage potential workplace raids. Manufacturers and retailers have teams working to soften the blow of potential new tariffs.

At the World Economic Forum in Davos, Switzerland on Wednesday, JPMorgan Chase CEO Jamie Dimon cautioned investors on the risks of increased deficit spending, sticky inflation and geopolitical