Rich Americans are transferring large sums of money out of the country. This money is being transferred to countries like Switzerland, Jersey and Guernsey. Wealthy Americans fear of economic turmoil and potential capital control because of Trump’s policies. As per the Telegraph report Americans are transferring hundreds of millions of dollars with amounts ranging from $30 million to $100 million.
The fear among people is due to the unpredictable statements and policies stated by the Trump administration. They fear that they may be targeted by the Donald Trump’s administration. The clients are moving their wealth overseas to protect themselves from possible future restrictions on transferring money out of the US. They are looking to spread their investments and reduce their risk by holding assets outside the US.
Though there is no clear evidence that Donald Trump has directly discussed about imposing capital control or that the administration is directly targeting wealthy Democratic families, it’s just that the government policies have raised concerns.
Some economists believe that Trump may not impose capital control, as it would become difficult for him to achieve his economic goals like strengthening the dollar and promoting trade. To boost the US economy, Trump has promised tax cuts and deregulation. His policies talks about protectionism, including tariffs on steel and aluminium.
