Is geopolitical risk having a visible effect on economies?

A first geopolitical risk stems from the trade war triggered by the United States, in addition to which are the tensions between the United States and China in the South China Sea. What do we see when we look at trade flows between the United States and China or between the United States and Europe? The only visible effect of the trade war is the fall in US ex p orts to China. A second geopolitical risk stems from the Middle East: war in Yemen, tensions between Saudi Arabia and Qatar, sanctions against Iran. Have oil prices risen abnormally? The answer for the time being is “ no ” . A third geopolitical risk is Brexit. Investment and growth have clearly slowed in the United Kingdom . H as there been a visible effect in the euro zone? Not noticeably. Altogether, the scale of the financial market reaction to the geopolitical risk contrasts with the muted reaction of the real economy.