AGP Executive Report

Drone Tariffs (US): President Trump signed a Section 232 proclamation imposing up to 100% tariffs on “particularly sensitive” imported drones and certain components, with a 100% tier for drones over 25kg, thermal-imaging systems, docking stations and listed critical parts, and a 25% tier for smaller, less sensitive models; qualifying imports from the EU, Japan, Liechtenstein, South Korea, Switzerland and Taiwan face a 15% cap, while the UK can reach 10% if origin rules are met. Liechtenstein Angle: The US explicitly includes Liechtenstein in the lower-rate group, but the policy still signals tighter scrutiny and higher costs for drone supply chains. Cyber & Finance (Liechtenstein): After a major data breach targeting the confidential registry of foundations and trusts, Liechtenstein officials say they won’t pay a ransom; the attackers remain unidentified and no demands have arrived. Vatican Finance (Liechtenstein): Pope Leo XIV appointed Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth management expertise to financial oversight. EU Sanctions (Regional): The EU extended Iran sanctions, with Liechtenstein among additional countries aligning national policies.

Liechtenstein Cyber Policy: Liechtenstein says it will not pay a ransom after a major data breach hit its confidential registry of foundations and trusts, with officials still unsure who attacked or what they want. Vatican Finance & Liechtenstein Capital: Pope Leo XIV appointed 36-year-old Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth and asset-management experience from Industrie- und Finanzkontor Etablissement into the Holy See’s budget oversight. US Drone Tariffs (Liechtenstein in the mix): The Trump administration announced new Section 232 tariffs on imported drones and components—100% for “particularly sensitive” systems (including thermal imaging and certain heavy drones), 25% for smaller models, and a capped 15% rate for qualifying imports from allies including Liechtenstein—aimed at reducing reliance on foreign supply chains and boosting domestic production. Supply-Chain Reality Check: Even with the tariff wall, analysts note key drone inputs like magnets and lithium-ion battery cells remain heavily China-sourced, suggesting any US “drone renaissance” will be slower than markets expect. Industry Signals for Liechtenstein: A new market outlook flags Hilti (Liechtenstein) as a key player in detection tools used across construction and utilities, as demand grows for safer, non-destructive inspection.

Cybersecurity & Finance: Liechtenstein says it will not pay a ransom after a major hack hit its registry of foundations and trusts, with officials still unsure who was behind the breach or what they want. Vatican Governance: Pope Leo XIV appointed Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth and asset-management experience into Vatican financial oversight. Trade Policy Impacting Liechtenstein: The US announced new drone import tariffs under Section 232, with rates up to 100% for “sensitive” drones (including thermal imaging) and 15% for qualifying imports from the EU, Japan, Liechtenstein, Switzerland and others—conditional on where key technology originates.

Drone Tariffs Hit Sensitive Tech: President Trump signed a Section 232 order imposing up to 100% duties on imported drones and key parts deemed “particularly sensitive” for national security—covering drones over 25 kg, thermal-imaging systems, docking stations, and certain critical components—while smaller drones face 25%. Liechtenstein in the Lower Band: Qualifying imports from the EU, Japan, Liechtenstein, South Korea, Switzerland, and Taiwan are capped at 15% (UK at 10%), but only if substantially all critical hardware, software, and technology originate in the listed partner economies and/or the US. Supply-Chain Pressure: The White House says the move targets foreign reliance (especially China) and aims to force onshoring via a Commerce-led incentive program; tariffs start in about 21 days, with less-sensitive component duties later. Local Industry Angle: For Liechtenstein-linked suppliers, the key question is whether products can meet the origin and technology rules to stay in the 15% bracket.

US Drone Tariffs: President Donald Trump signed a Section 232 proclamation imposing duties up to 100% on imported drones and key components, with 100% hitting drones over 25 kg and models with thermal imaging, plus docking stations and certain critical parts; 25% applies to smaller drones, while EU, Japan, Liechtenstein, South Korea, Switzerland and Taiwan face a 15% cap and the UK a 10% rate if origin rules are met. Liechtenstein Angle: Liechtenstein-made drones qualify for the 15% band, but only when substantially all core hardware, software and technology originate in the listed economies or the US. Implementation Timeline: Most tariffs start in 21 days; less-sensitive components follow after 180 days. Industrial Push: The order also authorizes a Commerce-led onshoring/investment program to expand US drone manufacturing capacity. Supply-Chain Impact: Analysts warn the move could raise costs and complicate substitution, even as Washington frames it as a national-security fix.

Drone Tariffs: The U.S. will hit drone imports with up to 100% duties under a new proclamation tied to national security, with a 25% rate for smaller drones and a capped 15% rate for imports including from Liechtenstein (plus EU, Japan, South Korea, Switzerland, Taiwan), taking effect in stages starting Sept. 3. Solar Supply Chain Pressure: Separate U.S. Section 232 action sets minimum import prices and a 15% tariff on polysilicon derivatives effective Dec. 4, with price floors across polysilicon, ingots/wafers, solar cells, and modules—aimed at reshoring chip and solar inputs. Food Tech Investment: RiceTec opened a new greenhouse facility in Alvin, Texas, expanding rice breeding and research capacity, with Liechtenstein’s Princely Family chairing the long-term owner’s involvement. Crypto Infrastructure: Copper Markets (US) Inc. gained FINRA membership as a qualified custodian, signaling continued build-out of regulated digital-asset collateral services. Industry Integrity: Forbes-branded “Liechtenstein” and “LA” sites were flagged as fake, with AI-generated paid promotional content tied to a PR agency.

Cybersecurity Disruption: Liechtenstein’s beneficial ownership register breach is escalating fast. The Liechtenstein State Administration says four more government financial systems are temporarily offline, including the VAT e-portal, the judicial system, the central account register, and the main tax information portal, while EU-style notification letters go out and investigators continue to hunt for the attackers. Trade & Industry Shock: The U.S. has signed Section 232 measures on polysilicon supply chains: a 15% tariff on certain derivatives plus minimum import prices (from $21/kg polysilicon to $0.38/W modules) taking effect Dec. 4, with capped combined rates for imports from Switzerland and Liechtenstein. Finance Regulation Watch: Copper Markets (US) Inc. has been accepted as a FINRA member and registered broker-dealer, positioning the firm for qualified custody, staking, financing, and OTC services in the U.S. Local Talent & Governance: Pope Leo XIV appointed Princess Gisela of Liechtenstein to the Vatican’s Council for the Economy, highlighting the principality’s growing footprint in finance and engineering circles. Climate & Logistics: Drought is threatening Rhine shipping, a key trade artery for Switzerland and its cross-border links through Liechtenstein.

Cybersecurity Fallout: Liechtenstein’s beneficial ownership register breach has widened: the LLV says four more government financial systems are temporarily offline (VAT e-portal, judicial system, central account register, and tax portal) while EU-style notification letters go out and investigators keep hunting for the attackers. Trade & Industry: The US has set Section 232 minimum import prices and a 15% tariff on polysilicon derivatives from Dec. 4, with price floors across the solar and chip supply chain; Taiwan and other covered markets say impacts may be limited, but the rules will reshape procurement. Energy & Logistics: Drought is threatening Rhine shipping, raising the risk of disruption to Switzerland’s key trade route that runs through Liechtenstein. Finance Regulation: Switzerland’s FINMA is highlighted as a major economic engine, with crypto regulation still pending as the regulator expands oversight across banks, insurers, and digital-asset firms. Business & Growth: India reports ~15% export growth in April–July and points to its expanding FTA network, including an EFTA bloc deal that covers Liechtenstein. Digital Services Jobs: UK government digital roles keep rolling—IT service management, data product leadership, and cyber risk leadership—showing continued demand for operational tech talent.

Cybersecurity Fallout: Liechtenstein’s beneficial ownership register breach is widening: the State Administration says four more government financial systems are temporarily offline (VAT e-portal, judicial system, central account register, and tax portal) while EU-style notification letters go out and investigators continue without identifying the attackers. Trade & Industry: The US has set new polysilicon rules under Section 232—minimum import prices plus a 15% tariff on derivatives—effective Dec. 4, with a capped 15% combined rate for imports from Switzerland and Liechtenstein, raising new cost and procurement pressure across the solar and semiconductor supply chain. Finance & Governance: Pope Leo XIV appointed Princess Gisela of Liechtenstein to the Vatican’s Council for the Economy, adding a young Liechtenstein executive with engineering and finance experience. Digital Policy: UK government roles highlight a push to improve data access, sharing, and cyber risk management across public services. Travel & Compliance: EU entry/exit checks (EES) are still causing major airport bottlenecks, including in Schengen countries that cover Liechtenstein.

US Trade Shock for Solar Supply Chains: Trump’s Section 232 move adds a 15% tariff on polysilicon derivatives and sets minimum import prices (from Dec 4, 2026), with a capped combined rate for imports from Switzerland, Liechtenstein and the EU—raising new cost and procurement questions for regional manufacturers. Liechtenstein Cybersecurity Fallout: After a cyberattack on the beneficial ownership register, Liechtenstein’s State Administration took four more government financial systems offline (VAT, courts, central accounts, tax portal) and is notifying affected parties under EU data rules while investigators continue. Rhine Drought and Logistics: Drought-linked low water levels threaten shipping on the Rhine, putting Basel’s role as a trade hub at risk and highlighting how climate stress can hit cross-border industry. Vatican Economy Appointments: Pope Leo XIV named new members to the Council for the Economy, including Princess Gisela of Liechtenstein, an engineering graduate and CEO of a Liechtenstein financial firm. Climate Pressure Point: July 2026 tied for hottest month on record, reinforcing the backdrop for water, energy and industrial planning across Europe.

US Trade Policy: The U.S. has imposed a 15% tariff on polysilicon derivative products and set minimum import prices effective Dec. 4, 2026—$21/kg for polysilicon, $100/kg for ingots and wafers, $0.22/W for solar cells, and $0.38/W for modules—under Section 232, aiming to protect national security-linked supply chains. Liechtenstein & Cybersecurity: Liechtenstein’s cyberattack response is widening: four more government financial systems are temporarily offline (including the VAT portal, central account register, and tax information portal) after a breach of the beneficial ownership register exposed data tied to about 31,000 legal entities. Cross-Border Trade Impact: Taiwan’s solar industry says the new U.S. measures should have limited impact, noting a capped combined rate (including existing duties) for covered imports from Liechtenstein, Switzerland, and EU members. Energy & Logistics: Drought is threatening Rhine shipping, raising concerns for Basel and Switzerland’s trade links as water levels hit very low levels.

Solar Supply Chain Trade: Trump signed a Section 232 proclamation imposing a 15% tariff on polysilicon derivatives and setting minimum import prices (MIP) starting Dec. 4, 2026—$21/kg polysilicon, $100/kg ingots and wafers, $0.22/W solar cells, and $0.38/W modules—aimed at protecting U.S. chip and solar inputs; Taiwan and other firms say the impact should be limited, with capped combined rates for Liechtenstein, Switzerland, EU members, Japan, South Korea and Taiwan. Liechtenstein Cybersecurity: After a breach exposed data tied to Liechtenstein’s beneficial ownership register (31,000 people), the State Administration expanded the response, temporarily taking four government financial systems offline (VAT portal, judicial system, central account register, and tax portal) while investigators continue. Wealth & Compliance Signals: A Liechtenstein-linked privacy and transparency debate continues as OECD beneficial-ownership assessments draw scrutiny, alongside reporting on Switzerland’s wealth-management ranking and digitalisation gaps. Business Moves: American Fusion Inc. appointed John Gerdin to its board as independent director and strategic advisor, citing finance and cross-border capital-market experience.

Cybersecurity Fallout: Liechtenstein’s beneficial ownership register breach exposed data tied to about 31,000 legal entities, and the State Administration has now taken four more government financial systems offline (including the VAT e-portal, central account register, and main tax portal) while investigators continue to hunt for the attackers. US Trade Pressure on Industry: The U.S. has imposed a 15% Section 232 tariff plus minimum import prices on polysilicon and derivatives (including solar cells and modules), effective Dec. 4, with a 15% combined cap for imports from Switzerland and Liechtenstein—raising costs but expected to limit disruption for some downstream manufacturers. Semiconductor Investment Signals: SK hynix is moving into execution on major chip-fab spending, committing 54.3 trillion won for its second-phase Yongin and Cheongju fabs, underscoring continued DRAM/NAND capacity buildout. Wealth Management Spotlight: Switzerland ranks fifth in Avaloq’s inaugural wealth management index, while the report flags gaps in digital adoption and demographic factors—relevant context for Liechtenstein’s cross-border finance ecosystem. Corporate Governance: American Fusion Inc. appointed John Gerdin to its board as an independent director and strategic advisor, adding finance and cross-border capital markets guidance for its Texatron fusion program.

Cybersecurity Shock in Liechtenstein: Liechtenstein says a cyberattack accessed data for about 31,000 people in its beneficial ownership register, and the crisis response has now expanded: four more government financial systems were taken offline, including the VAT e-portal, judicial system, central account register and tax information portal, while authorities notify affected parties under EU data rules and continue hunting for the attackers. US Trade Pressure on Europe’s Solar Supply Chain: The US imposed a 15% tariff and minimum import prices under Section 232 on polysilicon and derivatives (including solar cells and modules), effective Dec. 4, with a capped combined rate for imports from Switzerland and Liechtenstein; Taiwan solar firms say the impact should be limited. Wealth Management Spotlight: Avaloq’s inaugural Wealth Management Index ranks Switzerland fifth globally, praising regulatory clarity and financial market maturity while flagging weaker digital adoption and demographic factors. Healthcare Deal with Liechtenstein Reach: IMPACT Therapeutics and Pharmanovia signed an exclusive licensing agreement for senaparib across 66 countries, explicitly including Liechtenstein among the covered territories. Industry Innovation: Reimagine Robotics emerged from stealth with robots designed to learn on the job by being shown tasks and corrected in real time.

Liechtenstein Cybersecurity: Liechtenstein’s beneficial ownership register breach has escalated: after 31,000 records were stolen, the LLV says four more government financial systems are temporarily offline (VAT e-portal, judicial system, central account register, and tax portal) while investigators continue and EU-style notifications go out. US Trade & Solar Supply Chains: Trump signed Section 232 measures adding a 15% tariff on polysilicon derivatives and setting minimum import prices (from Dec. 4, 2026), with a 15% combined cap for imports from Switzerland and Liechtenstein—industry expects limited impact on Taiwan’s solar makers. Wealth Management Spotlight: Avaloq’s inaugural Wealth Management Index ranks Switzerland 5th globally, praising regulation and market maturity while flagging weaker digital adoption and demographic factors. Business/Legal Ripple: A long-running Bofors case ended as India’s Supreme Court dismissed the final appeal, closing a decades-long arms scandal without a completed criminal trial outcome.

Cybersecurity Fallout: Liechtenstein’s beneficial ownership register breach hit about 31,000 people, and the State Administration has now taken four more government financial systems offline (VAT e-portal, judicial system, central account register, and tax portal) while investigators continue to hunt for the attackers. Trade & Industry Impact: The US is raising pressure on the supply chain for semiconductors and solar power with a Section 232 move: a 15% tariff on polysilicon derivatives plus minimum import prices (from Dec. 4, 2026). Regional Angle for Liechtenstein: For imports from Liechtenstein, Switzerland, the EU, and select partners, the combined tariff is capped at 15%, but the minimum-price rules still change how firms price and procure polysilicon inputs. Digital Money Context: A new survey highlights Switzerland’s lead in crypto adoption and openness to central bank digital money—relevant for Liechtenstein’s finance sector as regional regulators and banks weigh digital-asset access.