As the Republican Party braces for aftershocks from President Donald Trump's spectacular clash with Elon Musk, lawmakers and conservative figures are urging détente, fearful of the potential consequences from a prolonged feud.

In an interview with NBC News, the president also said he assumes his relationship with the tech billionaire is over following their recent falling out.

President Trump weighed in on Elon Musk's suggestion about creating a "new political party" in the wake of their rift.