AGP Executive Report

Section 232 Tariff Relief (Metals Derivatives): The U.S. cut Section 232 tariffs on selected agricultural equipment and HVAC items from 25% to 15% through end-2027, while also adding aluminum lithographic plates and steel racks to the derivative list—effective June 8, with CBP CSMS guidance for importers and brokers to avoid wrong duties. Swiss Investment Push (Tariff Deal Spillover): Swiss firms are accelerating U.S. spending after a framework that lowered Swiss tariffs from 39% to 15%, with Roche and Novartis leading a reported $27B already deployed toward a $200B, five-year commitment that also covers Liechtenstein via the customs union. Crypto Market Expansion (Liechtenstein): RULEMATCH received MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based Europe trading, clearing and settlement venue for crypto-assets, starting with an RFQ model. EU Connectivity Talks (Roam Like at Home): The EU Council approved talks to extend Roam Like at Home to the Western Balkans, expanding the no-extra-roaming-charges zone that already includes Liechtenstein. Fintech & Payments (Money20/20): Lianlian DigiTech showcased AI-driven cross-border payments at Money20/20 Europe in Amsterdam, focusing on efficiency, risk control and global fund connectivity.

MiCA Crypto Market in Vaduz: RULEMATCH says it has received Liechtenstein FMA authorization to run a MiCA-compliant crypto trading platform via its Vaduz-based entity, with trading starting using an RFQ model and post-trade clearing and settlement for EEA participants. Space Science Collaboration: St. Kitts and Nevis launched the Caribbean’s first space life sciences experiment on May 31 from Sweden, developed with the University of Zurich and the Centre for Space and Aviation Switzerland and Liechtenstein, studying how microgravity and hypergravity affect human immune cells and gene expression. U.S. Metals Tariff Shuffle: A new U.S. Section 232 proclamation eases duties on certain agricultural equipment and selected machinery while adding or adjusting tariffs for other metal derivative products, with changes taking effect June 8 and lasting through 2027—important for manufacturers and importers tied to metals supply chains. EU Roam Like at Home Expansion: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans, which would expand no-extra-roaming-charge mobile use across a wider region that already includes Liechtenstein in the current framework.

Crypto & Regulation: RULEMATCH says it has MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based crypto trading venue, with onboarding for EEA participants via RULEMATCH Europe AG. EU Connectivity: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans (WB6), with Liechtenstein already inside the current RLH footprint. Trade Policy Shockwaves: The US is reshaping Section 232 metals tariffs—easing some rates for agricultural equipment and selected machinery while keeping the broader protectionist structure intact; separately, Trump’s renewed tariff push tied to forced-labor claims is roiling Asia’s already-stressed economies. Industry & Markets: India expects nine recent free trade agreements—including with EFTA (Switzerland, Iceland, Liechtenstein, Norway)—to be operational within 9–10 months, aiming to deepen supply-chain integration. Science & Tech Collaboration: A St. Kitts and Nevis space life-sciences experiment launched from Sweden, developed with the University of Zurich and CSA (Switzerland and Liechtenstein), highlighting Liechtenstein-linked research partnerships.

Crypto Market Access: RULEMATCH says it has received MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based crypto trading venue, with onboarding for EEA participants via RULEMATCH Europe AG, starting with an RFQ model and flexible settlement cycles. EU Connectivity: The EU Council has approved talks to extend “Roam Like at Home” to the Western Balkans, expanding roaming-free calling and data beyond the current EU/EEA footprint that already includes Liechtenstein. Trade & Tariffs: The U.S. eased some Section 232 metals-related duties for specific equipment and added new derivative products to the tariff lists, while broader tariff litigation and Section 301 forced-labor proposals continue to reshape import costs. Industry Policy Watch: India expects nine recent FTAs—including the EFTA deal covering Switzerland, Iceland, Liechtenstein and Norway—to become operational within 9–10 months, with Oman’s CEPA starting June 1 and duty-free access for most tariff lines. Liechtenstein Link in Tech/Finance: The week’s coverage also highlights Liechtenstein’s role as a regulatory and financial hub, from MiCA market infrastructure to cross-border EU integration.

Crypto & Markets: RULEMATCH says it has MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based crypto trading venue, with onboarding for EEA participants via RULEMATCH Europe AG, starting with an RFQ model and post-trade clearing/settlement. Fintech & Payments: Lianlian DigiTech showcased its AI-driven cross-border payments push at Money20/20 Europe in Amsterdam, focusing on AI for efficiency, risk control, and global fund connectivity. EU Connectivity: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans, with Liechtenstein already inside the current RLH footprint. Trade Policy Watch: The U.S. modified Section 232 metals tariffs, cutting duties on certain agricultural and HVAC equipment to 15% and adjusting derivative product coverage, while broader protectionist uncertainty remains. Industry & Compliance: The EU’s Entry/Exit System is fully operational across Schengen, with biometric checks affecting travel flows for Liechtenstein-linked routes. Health & Pharma: CinnaGen became the first Iranian pharma firm to win EU approval for its osteoporosis drug Zandoriah, while BMS secured an expanded EU label for Opdivo in advanced classical Hodgkin lymphoma. Space & Education: St. Kitts and Nevis launched a first space life sciences experiment developed with Switzerland and Liechtenstein’s CSA, studying gravity effects on immune cells.

Crypto Market Access in Liechtenstein: RULEMATCH says it has MiCA authorization from the Liechtenstein FMA to run a Vaduz-based crypto trading venue, with onboarding for EEA participants via RULEMATCH Europe AG and RFQ trading plus post-trade clearing/settlement. EU Connectivity for the Region: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans (including North Macedonia), aiming to let travelers use calls and mobile data abroad without extra roaming charges. Trade Policy Shockwaves: The U.S. is reloading tariff pressure after Supreme Court setbacks, while also issuing targeted Section 232 tariff reductions on certain metals-derivative inputs and specific equipment categories—raising new compliance questions for cross-border manufacturers. Healthcare Regulation: CinnaGen became the first Iranian pharma firm to win EU approval for an osteoporosis medicine (teriparatide/Zandoriah) under EMA biosimilar guidelines. Industry & Media in the DACH Region: RTL Group completed its €68m acquisition of Sky Deutschland, expanding sports and entertainment reach across Germany, Austria, Switzerland, Luxembourg, Liechtenstein, and South Tyrol.

EU Roam Like at Home Expansion: The EU Council has approved talks to extend its “Roam Like at Home” roaming area to the Western Balkans (WB6), which would add Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia to the current coverage that already includes Liechtenstein, Iceland and Norway—aiming to let travelers use calls, texts and data abroad without extra roaming charges. Crypto Market Regulation in Liechtenstein: RULEMATCH says it has received MiCA authorization from Liechtenstein’s FMA to run a crypto trading platform, enabling onboarding via its Vaduz-based RULEMATCH Europe AG for EEA participants, with trading starting on an RFQ model and post-trade clearing/settlement. US Tariffs and Metals Relief: President Trump has temporarily eased parts of Section 232 metals tariffs while keeping the broader national-security framework, including cuts for certain agricultural equipment and HVAC-related items—an update that matters for industrial supply chains tied to metals inputs. India Trade Push via FTAs: India expects nine recently signed FTAs to become operational within 9–10 months, with Oman’s CEPA already set to start June 1, boosting duty-free access and market access for sectors including textiles and agricultural goods. UN Nuclear Oversight: The UN nuclear watchdog reports it has been unable to inspect Iran sites affected by last June’s war, raising fresh uncertainty around enriched uranium stockpile details.

Crypto Regulation & Markets: RULEMATCH says it has MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based crypto trading platform, with RULEMATCH Europe AG enabling EEA participant onboarding and starting via an RFQ model with post-trade clearing and settlement. EU Connectivity: The EU Council approved talks to extend “Roam Like at Home” to the Western Balkans (WB6), which would let travelers use calls, texts and data abroad without extra roaming charges under home-like conditions. Trade & Supply Chains: India expects nine recently signed FTAs to be operational within 9–10 months, with Oman’s CEPA set to start June 1 and aimed at duty-free market access for key sectors. Industry & Investment: RTL Group completed its €68m acquisition of Sky Deutschland, expanding its DACH footprint including Liechtenstein, and keeping major tennis rights through 2033. Borders & Travel Tech: Europe’s Entry/Exit System is fully operational across Schengen, with biometric checks affecting non-EU travelers (Liechtenstein included). Health & Pharma: AbbVie won an expanded EU label for VENCLYXTO combinations in first-line CLL, extending access across EU plus Iceland, Norway and Liechtenstein.

EU Roam Like at Home Expansion: The EU Council has approved talks to extend its “Roam Like at Home” mobile roaming area to the Western Balkans (WB6: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia). The deal would let travellers use calls, texts and data abroad without extra roaming charges, under home-like conditions, with the European Commission now negotiating sectoral agreements anchored to Stabilisation and Association Agreements. Liechtenstein Link: The current RLH coverage already includes the EU plus EEA states Iceland, Liechtenstein and Norway—so Liechtenstein businesses and frequent cross-border users stand to benefit from a wider regional connectivity push. Crypto Market Infrastructure (Vaduz): RULEMATCH says it has received MiCA authorization from Liechtenstein’s FMA to run a crypto trading platform, enabling EEA participant onboarding via its Vaduz-based entity, RULEMATCH Europe AG, with trading starting on an RFQ model and post-trade clearing/settlement options. Trade & Tariffs Watch: India expects nine recent FTAs to become operational within 9–10 months, including EFTA (Switzerland, Norway, Iceland and Liechtenstein) and an Oman CEPA that starts June 1, while the US temporarily eased some Section 232 tariffs on selected equipment effective June 8.

MiCA Crypto Trading in Vaduz: RULEMATCH says it has received Liechtenstein FMA authorization to run a MiCA-compliant crypto trading platform, onboarding EEA participants via its Vaduz-based RULEMATCH Europe AG, with trading starting on an RFQ model and post-trade clearing/settlement designed for capital efficiency. EU Border Tech Update: The EU’s Entry/Exit System (EES) is fully operational across Schengen (excluding Liechtenstein, Iceland, Norway, Switzerland), and travelers are being warned to expect delays as countries iron out biometric border processes; ETIAS is still expected later in 2026. Trade Policy Signals for Industry: The US eased parts of Section 232 tariffs on agricultural equipment and selected machinery/HVAC, while keeping the broader metals protectionist structure—an outcome likely to ripple into construction and manufacturing input costs. Health & Pharma in Europe: AbbVie’s VENCLYXTO label was expanded for first-line CLL combinations across the EU plus Iceland, Norway, and Liechtenstein. Space Tech Link to Liechtenstein: A St. Kitts and Nevis life-sciences space experiment launched from Sweden with a partnership including the Center for Space and Aviation Switzerland and Liechtenstein (CSA).

Crypto Market Regulation: RULEMATCH says it has received MiCA authorization from Liechtenstein’s FMA to run a Vaduz-based crypto trading venue, with participant onboarding for EEA firms and a post-trade clearing/settlement setup. Trade Policy Shockwaves: After the Supreme Court struck down IEEPA tariffs, the US is rebuilding its tariff wall via expanded Section 301 probes (forced labor and excess capacity) plus a temporary 10% import surcharge that expires July 24. Metals Tariff Relief (Limited): Trump temporarily eased parts of Section 232 metals duties, cutting tariffs on some agricultural and industrial equipment—good for US downstream users, but leaving broader protectionism intact. Border Tech for Industry Travelers: EU Entry/Exit System (EES) is fully operational across Schengen (Liechtenstein included), and countries are still ironing out delays ahead of the later ETIAS rollout. Healthcare & Pharma: EU regulators expanded labels for AbbVie’s VENCLYXTO and Bristol Myers Squibb’s Opdivo+AVD, extending first-line options for CLL and advanced classical Hodgkin lymphoma. Liechtenstein in the Wider Economy: India’s CEPA with Oman starts June 1, and the deal explicitly builds on India’s recent EFTA pact that includes Liechtenstein.

Metals Tariffs: The U.S. temporarily eased Section 232 duties on steel, aluminium and copper derivatives, cutting tariffs on agricultural equipment (25%→15%) and expanding a 15% bracket to mobile industrial gear like bulldozers and forklifts—an effort to relieve cost pressure for U.S. farmers, construction and housing, while keeping the broader protectionist metals framework intact. Border Tech for Industry Travelers: Europe’s Entry/Exit System (EES) is fully operational across Schengen (29 countries), with biometric checks now standard at external borders; Liechtenstein is included, and the rollout is still causing “wrinkles” that could slow cross-border movement for business travel. Trade & Supply Chains: India and Oman’s CEPA kicks in June 1, expanding duty-free access for most tariff lines and boosting market access for sectors including textiles and agricultural goods—another signal of shifting trade routes that can ripple into European production planning. Green Transition Funding: Poland’s new €160m climate and energy programme is backed by Norwegian and EEA grants, with Liechtenstein, Iceland and Norway named as partners, targeting geothermal, storage, air quality and circular economy projects. Healthcare & EU Labels: AbbVie secured an expanded EU authorization for VENCLYXTO combinations in first-line CLL, with coverage extending to EU states plus Iceland, Norway and Liechtenstein.

Border Tech & Travel Ops: The EU’s Entry/Exit System (EES) is fully operational, replacing passport stamps with biometric checks for non-EU travelers across 29 Schengen countries—though Liechtenstein, Norway, Iceland and Switzerland are listed as exceptions in the coverage—so expect delays while countries “iron out wrinkles.” Trade & Market Access: India and Oman’s Comprehensive Economic Partnership Agreement (CEPA) kicks in June 1, expanding duty-free access (including textiles and agricultural goods) and adding another link to India’s growing network that already includes EFTA (with Liechtenstein). Media & Cross-Border Services: RTL Group has closed its acquisition of Sky Deutschland, extending coverage across Germany, Austria, Switzerland and Luxembourg with customer relationships including Liechtenstein. Energy & Industry Finance: The European Commission cleared €1.3bn in German support for renewable hydrogen projects tied to the EU Hydrogen Bank “auction as a service,” with eligibility extending to Iceland and Liechtenstein. Health & Pharma: AbbVie’s VENCLYXTO label was expanded across the EU plus Iceland, Norway and Liechtenstein, and Bristol Myers Squibb’s Opdivo+AVD gained EU approval for advanced classical Hodgkin lymphoma.

Space & Research: St. Kitts and Nevis’ historic suborbital life-sciences launch from Sweden included a collaboration with Swiss and Liechtenstein partners, aiming to study how gravity affects genome architecture and gene expression. Media & Telecom: RTL Group completed its acquisition of Sky Deutschland, bringing together German-speaking brands and extending coverage and customer relationships across Luxembourg and Liechtenstein, with €250m in expected annual synergies. Biotech & Pharma: The EU authorized expanded Opdivo (nivolumab) use with AVD for newly treated advanced classical Hodgkin lymphoma, while AbbVie secured an expanded VENCLYXTO (venetoclax) label for first-line CLL combinations across EU plus Iceland, Norway and Liechtenstein. Energy & Industry: Germany received EU approval for €1.3bn green hydrogen support via renewable hydrogen projects, with funding aimed at electrolyzer capacity and delivery into hydrogen network backbones. Green Transition Funding: Poland signed a €160m programme for climate and energy acceleration financed by Norwegian and EEA grants, explicitly partnering with Iceland and Liechtenstein. Digital Borders: Europe’s EES is fully operational across Schengen, with ETIAS expected later in 2026—relevant for cross-border mobility and logistics planning. Trade Links: India and Oman’s CEPA starts June 1, and India’s broader trade push includes EFTA coverage that already includes Liechtenstein.

Media & Telecom Deal: RTL Group has completed its €68m acquisition of Sky Deutschland, bringing together RTL, RTL+, Sky and WOW brands and about 12.3m paying subscribers; the deal includes customer relationships in Luxembourg, Liechtenstein and South Tyrol, with €250m annual synergies targeted within three years. Trade & Industry Links: India and Oman’s CEPA kicks in June 1, expanding duty-free access across 98% of Oman’s tariff lines and boosting exports in textiles and agricultural goods; the pact also adds services and investment momentum. Border Tech for Business Travel: Europe’s ETIAS is expected only in late 2026 (not yet for most trips), with a €20 fee and a dependency on the fully rolled-out EES system. Green Energy Funding: The European Commission cleared €1.3bn of German state support for renewable hydrogen projects via the Hydrogen Bank “auction as a service” route, aiming to back up to 1,000 MW of electrolyser capacity. Healthcare & Manufacturing Supply Chains: AbbVie secured an expanded European Commission label for VENCLYXTO combinations in first-line CLL, with coverage extending to Liechtenstein and other EEA states. Mobility Infrastructure: Volvo says its EV drivers will access Tesla Superchargers across 29 European countries via the Volvo app starting Q4 2026, including Liechtenstein.

India–Oman Trade: India and Oman’s CEPA kicks in June 1, with duty-free access for nearly all Oman tariff lines and a boost expected for textiles and agricultural exports, plus wider services and investment links. EU Border Tech: ETIAS is still not something most travelers need to worry about yet; it’s tied to the fully working EES system, which is now live across Schengen, with ETIAS expected in late 2026. Hydrogen & Energy Projects: The European Commission cleared €1.3bn in German state support for renewable hydrogen, aiming to scale electrolyzer capacity and feed hydrogen into major network backbones, with Iceland, Liechtenstein and Norway included in the scheme. Liechtenstein in Pharma & Finance: AbbVie’s expanded VENCLYXTO label for first-line CLL now covers EU states plus Iceland, Norway and Liechtenstein, while a Liechtenstein-and-Switzerland-backed tokenization model for critical minerals highlights the country’s role in modern asset infrastructure. Green Transition Funding: Poland secured a €160m green transition programme financed via Norwegian and EEA grants, with Liechtenstein among the long-term partners. EV Charging Roaming: Volvo EV drivers will gain access to Tesla Superchargers across 29 European countries via the Volvo app starting Q4 2026, including Liechtenstein.