SINGAPORE (Apr 2): Financial markets were rattled by fears that a trade war might break out between the US and China. A trade war may or may not happen, but it is probably not the biggest risk we face. No, the real concern is that when we peer under the surface of global politics, it looks likely that recent developments in the US, China and the Middle East could create lots of turbulence in the coming months. Trade tensions will probably be just one of many potential flash points.

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