Vishnu Varathan of Mizuho Securities said, “The situation in Venezuela reminds us that the impact of geopolitical risks extends far beyond mere tariff figures.Sanctions against Venezuela, coupled with the country’s heavy reliance on oil exports, mean that the impact of a regime change through trade and investment channels is inherently limited and contained. This is why we haven’t seen a major sell-off in the markets. The real question we need to ask is: Is the stability of the broader Latin American region at risk?The spillover effects could be much greater. Clearly, he (Donald Trump) has already mentioned Cuba, and now he is extending the warning to Colombia and Mexico. If the target were not Venezuela but other countries—and if those countries did not possess the significant benefits derived from oil resources, or even other mineral resources—the direction of public opinion the U.S. might face would be far less clear.”