U.S.-Swiss Trade Pressure: Trump escalated pressure on Switzerland with new tariffs up to 12.5%, alleging Swiss rules and enforcement don’t stop forced-labor goods from reaching the U.S.—a dispute Bern rejects as baseless, with business group Economiesuisse saying there’s no sign Swiss supply chains are being used to bypass U.S. limits. Liechtenstein Cybersecurity & Finance: Liechtenstein’s beneficial ownership register breach is widening: after hackers copied data tied to about 31,000 entities, the government expanded its response and temporarily took four additional financial systems offline, while investigators continue to hunt for the attackers. U.S. Polysilicon Tariffs Hit Solar Supply Chains: The U.S. set a 15% tariff plus minimum import prices for polysilicon and derivatives (effective Dec. 4), aiming to protect national security supply chains; Taiwan solar firms say the impact should be limited, with capped tariff treatment for products from Liechtenstein and other listed partners. Wealth & Compliance Watch: An OECD review again puts beneficial ownership transparency under the microscope, with a Swiss lawyer saying Liechtenstein and others face scrutiny even as major rating changes for the U.S. look unlikely. Leadership Move in Digital Assets: VP Bank’s former CEO Reto Marx is set to lead Sygnum’s Singapore business as CEO, as the firm leans on Liechtenstein’s MiCAR licence and regional growth.