The new US president is delivering a virtual address, one of the first major speeches of his presidency, and will take questions from business leaders after.

U.S. President Donald Trump will speak remotely at the World Economic Forum on Thursday in Davos, Switzerland, and hold a discussion with business leaders including Bank of America CEO Brian Moynihan and Blackstone Group CEO Stephen Schwarzman.

Donald Trump said he would impose high tariffs and further sanctions on Russia if it continued its "ridiculous war".

Despite fears that the tariffs could spark a global trade war and reignite inflation domestically, Jamie Dimon, CEO of JPMorgan Chase, said they could protect American interests and bring trading partners back to the table for better deals for the country,

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.

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.

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.

DAVOS, Switzerland - U.S. President Donald Trump told business leaders gathered at the World Economic Forum in Davos, Switzerland, on Thursday that he is working to reverse inflation and illegal immigration while boosting fossil fuels production in the United States.

Donald Trump on Thursday will star in an eagerly-anticipated online appearance at the World Economic Forum in Davos, addressing global elites whose annual gabfest has been consumed by the US president's days-old second term.

Trump called on global businesses to make their products in America in exchange for lower taxes. “My message to every business in the world is very simple: Come make your product in America, and we will give you among the lowest taxes of any nation on earth,

Canada, Mexico, China and other nations are formulating plans in response to President Trump’s proposed tariffs that could take effect Feb. 1.