Davos 2025: Jamie Dimon compares Musk to Einstein; UK finance minister touts U.S. ‘special relationship’

JPMorgan Chase CEO Jamie Dimon on Wednesday said he’s smoothed over his previously rocky relationship with tech billionaire Elon Musk. “Elon and I hugged it out,” Dimon told CNBC on the sidelines of the event. “He came to one of our conferences, [and] he and I had a nice, long chat. We settled some of our differences.”

The JPMorgan chief praised Musk’s various business ventures and compared him to legendary physicist Albert Einstein.

Earlier in the day, U.K. Finance Minister Rachel Reeves addressed the trade deficits that newly inaugurated U.S. President Donald Trump is hoping to bring under control.

“We are not a part of the problem here. So we, the U.K., increased trade with President Trump last time he was in office,” Reeves told CNBC’s Andrew Ross Sorkin on the sidelines of the conference.

European Central Bank President Christine Lagarde told CNBC’s Karen Tso that Europe must “be prepared” to deal with U.S. tariffs under newly inaugurated President Donald Trump.

“What we need to do here in Europe is to be prepared, and anticipate what will happen in order to respond,” she said.

The ECB chief added that the fact Trump had not imposed blanket tariffs on the first day of his presidency was a “very smart approach ... because blanket tariffs are not necessarily giving you the results that you expect.”