Not All is Rolex in Switzerland: Trump, Davos and the Crans-Montana Tragedy

Rolex watches are the ultimate symbol of Swiss precision and reliability. Yet not everything in Switzerland is precise and reliable these days. The visit of Donald Trump to the World Economic Forum (WEF) in Davos raises questions about the Forum’s relevance, the current world order, and Switzerland’s diplomatic role. And just prior to Davos, a horrific New Year’s Eve fire at a bar in the upscale ski resort of Crans-Montana killed 40 young people and left over one hundred seriously injured, challenging Switzerland’s reputation for safety and reliability.

“Is Switzerland an island of stability in a chaotic world?” Le Temps asked. The powerful head of the Swiss banking giant UBS, Sergio Ermotti, responded in another local paper: “We are a Swiss bank and we are proud of Switzerland,” he said, “But many abroad ask us: what is happening in Switzerland?” (All local quotes are translated.)

The role of the WEF has been an integral part of the Swiss image as an influential hub of high diplomacy and high rollers. Since its first meeting in Davos in 1971, the WEF has captured the world’s imagination of an exclusive elite trying to solve the world’s economic and political problems in a small Swiss mountain village. “Davos Man,” was immortalized and criticized by U.S. political scientist Samuel Huntington, who referred to political leaders and business executives attending Davos as a type of cosmopolitan, globally mobile elite disconnected from the majority of people.

And here comes The Donald to Davos, with the largest ever U.S. delegation, more than 800 American business leaders as well representatives of his administration. (Only the Swiss Green Party had the courage to say Trump shouldn’t have been invited.)  But the WEF is far from its early 2000s glory. Founder and CEO Klaus Schwab is no longer there, bounced by the Board. The famous Davos pretention of a marriage between business and peace – its slogan “Committed to improving the state of the world” – has been relegated to past glory.

“The forum was no longer trusted, acknowledging a longtime worry that wasn’t usually said out loud,” the Times reported on the opening speech of Larry Fink, the BlackRock chief and interim WEF co-chair. He even suggested that the Forum’s annual event should be held outside Switzerland.

Trump has resuscitated the WEF, at least temporarily. “Until Trump’s announcement a few days ago, no other major leader had confirmed his attendance for this year — which suggests that they are coming for Trump, not for the WEF itself,” wrote economist James Breiding in the Neue Zürcher Zeitung. “This reveals the WEF’s dependence on the drawing power of external stars rather than on its own institutional credibility, which is hardly sustainable.”

Trump presence at Davos reflects his power. In order to convince him to attend, the organizers gave his administration the right to review the program. “Senior US officials asked Davos management to tone down or avoid discussions on areas including female empowerment and diversity, the green transition, climate change and international development finance as a condition of his participation,” the Financial Times reported.

The usual anti-WEF protests this year focused on Trump. Around 600 protesters set off from Küblis in southeastern Switzerland for Davos.  On the Davos Promenade, a sign read: “Make America Go Away.”

Davos fits Switzerland’s long-standing role as a center of high diplomacy. Geneva hosted the pivotal 1985 Reagan–Gorbachev summit that helped end the Cold War. But that role is changing. Today, neutral Switzerland faces new choices: it backs European Union (EU) sanctions on Russia but debates EU membership; it cooperates modestly with NATO through the Partnership for Peace—yet strict neutrality still bars deeper ties.

But why change a winning game? Switzerland has one of the highest GDP Per Capita – output per person – in the world, frequently in the global top five. Henley & Partners rated Switzerland the most resilient country with the lowest risk for investors in 2025. “Until now, we were constantly told that everything was fine, that there was nothing to change,” Ermotti said. “We were satisfied with ourselves, even convinced that we could show others the way forward. Today we have reached a limit.”

The Crans-Montana Tragic Fire and the Swiss Image

Everything was certainly not fine on New Year’s Eve in Crans-Montana. Forty people died and over 100 were seriously injured in a horrific fire at a bar caused by faulty safety precautions. Several of the victims were non-Swiss, including nine dead and 21 wounded from France, and six dead and 10 injured from Italy.

“What happened [at Crans] is not simply an accident,” Italian Prime Minister Giorgia Meloni said, joining many other sharp foreign criticisms. “It is the result of too many people failing to do their jobs or trying to make easy money.”

And Switzerland’s precise and reliable image? After the tragedy, “A country with a tarnished image,” headlined Le Temps. A popular television personality called the fire “Switzerland’s September 11.” Memorial ceremonies were held throughout the country during a day of national mourning, including a minute of silence at 12:00 on January 9.

Images and perceptions are not simple to quantify, but the immediate effects of the tragedy are being felt in Switzerland. There are fewer tourists in Crans-Montana than usual. Some Swiss events at major sports competitions have been scaled back. But will that negative image last? The WEF may be on its last legs, but what about Switzerland? Rolex is Rolex. After surpassing CHF 10 billion in 2023, its growth continued in 2024 and into 2025. Can the same growth and a positive image be said for Switzerland? International Geneva as a hub of multilateralism?

Trump’s outbursts about buying or annexing Greenland – against the wishes of European allies – as well as tensions about his Board of Peace are direct challenges to the global order that has existed for the past 80 years. Although Trump ruled out direct military action to annex Greenland in his Davos speech, his usual egotistical, we-are-the-greatest presentation left little hope for international cooperation. The entire post-World War II stability is reaching its limit. Why should Switzerland be any different?

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