This is just to highlight a point which is essentially already made (in a special case) in Henno Brandsma's answer which also perhaps clarifies the final remark in skyking's answer.
Claim 1: If $(X,d)$ is any metric spaces, then the function $d_b\colon X\times X \to \mathbb R$ given by setting
$$
d_b(x_1,x_2) = \min\{d(x_1,x_2),1\}.
$$
is a metric on $X$.
Proof: It is clear from the definition that $d_b$ is symmetric if $d$ is and since $d_b(x_1,x_2) =0$ if and only if $d(x_1,x_2)=0$ it follows that $d_b(x_1,x_2)=0$ if and only if $x_1=x_2$. Thus it remains to verify the triangle inequality. Let $x_1,x_2,x_3 \in X$. Since $d_b(x_1,x_3) \leq 1$ the triangle inequality for $d_b$ is trivial if $d_b(x_1,x_2)+d_b(x_2,x_3)\geq 1$. On the other hand, since $d$ and $d_b$ are non-negative,
$$
d(x_1,x_2)+d(x_2,x_3) \leq 1 \implies d(x_i,x_j)\leq 1, \quad \forall (i,j)=(1,2),(1,3),(2,3)
$$
and the triangle inequality for $d_b$ then coincides with that for $d$.
Claim 2: The metrics $d$ and $d_b$ are weakly equivalent.
Proof: The identity map $\text{id}_X\colon X \to X$ given by $\text{id}_X(a)=a$ for all $a \in X$ induces a homeomorphism $\text{id}_X\colon (X,d)\to (X,d_b)$, since for any $\epsilon>0$ if we set $\delta = \min\{\epsilon,1\}$ then if $d(x,a)<\delta$ then $d_b(x,a)<\epsilon$ and similarly if $d_b(x,a)< \delta$ then $d(x,a)<\epsilon$. It follows that $d$ and $d_b$ are weakly equivalent metrics, and hence we have produced, for any metric spaces, a metric which is weakly equivalent to it.
Claim 3: The metrics $d$ and $d_b$ are strongly equivalent if and only if $d$ is bounded. Thus if $X$ is a normed vector spaces (with $d$ induced from the norm) then $d$ and $d_b$ are not strongy equivalent.
Proof: If $d_1,d_2$ are strongly equivalent metrics, then there exist positive constants $C_1,C_2>0$ such that $d_1(x_1,x_2) \leq C_1 d_2(x_1,x_2)$ and $d_2(x_1,x_2)\leq C_2d_1(x_1,x_2)$. If $d_1,d_2$ are $d$ and $d_b$ respectively then $d_b(x_1,x_2)\leq d(x_1,x_2)$ so that we may take $C_2=1$. If $d$ is bounded, so that $d(x_1,x_2)\leq D$ for some $D \in \mathbb R$ and all $x_1,x_2 \in X$, then clearly setting $C_1=\max\{D,1\}$ it follows that $d(x_1,x_2) \leq C_1d_b(x_1,x_2)$ and hence that $d$ and $d_b$ are strong ly equivalent.
Conversely, if $d,d_b$ are strongly equivalent then there is a constant $B$ such that $d(x_1,x_2) \leq Bd_b(x_1,x_2) \leq B$ so that $d$ is bounded. It follows that if $d$ is not bounded then it is not strongly equivalent to $d_b$. Since the homogeneity property of a norm ensures that the metric associated to it is unbounded, the final sentence also follows.
Finally, elaborating on skywing's final remark. we have:
Claim: If $\|.\|_a$ and $\|.\|_b$ are any two norms on a vector space, then if $\|.\|_a$ is weakly equivalent to $\|.\|_b$ then they are strongly equivalent.
Proof: The two norms are equivalent if and only if $\text{id}_X$ is a homeomorphism from $(X,\|.\|_a)$ to $(X,\|.\|_b)$. But this means that $\|.\|_b = \|.\|_b\circ \text{id}_X$ is a continuous function on $(X,\|.\|_a)$ and hence there is a $\delta>0$ such that if $\|x_1\|_a \leq \delta$ then $\|x_1\|_b \leq 1$. It follows that $\|x\|_b\leq \delta^{-1}\|x\|_a$ and hence if we set $C_b =\delta^{-1}$ then $\|x\|_b \leq C_b\|x\|_a$ for all $x \in X$. Similarly, there is some constant $C_a$ such that $\|x\|_a \leq C_a\|x\|_b$ for all $x \in X$.