The news: Increasing numbers of wealthy Americans are opening Swiss bank accounts in response to risks in the US, per CNBC.
How we got here: Though some banking leaders initially thought President Trump’s tariffs could help the US job market, they’ve since changed their tunes. That’s because the tariffs—much more severe than anyone imagined—have shaken the stock market.
Now some of the wealthiest US consumers are losing their patience. And while Switzerland used to be known as a haven for tax evaders, its now-more-regulated banking industry is attracting serious investors who want more stability than the US can currently offer.