Vishnu Varathan of Mizuho Securities said: "The Venezuela incident reminds us that the impact of geopolitical risks is far more than just reflected in a tariff number. Sanctions on Venezuela, and the country's heavy reliance on oil exports, mean that the impact of regime change through trade and investment channels is naturally limited and contained. This is also why the market did not experience a sharp sell-off. The real question to consider is: is the broader stability of the Latin American region at risk? Its spillover effects could be much greater. Obviously, he (Trump) has already mentioned Cuba, and now has extended the warning to Colombia and Mexico. If the target is not Venezuela but other countries, and there are no significant benefits brought by oil resources, even if other minerals are involved, the public opinion direction that the US might face would be less clear."