The rivalry between the US and China remains a focal point for investors and is something to account for in investment decisions
Further clashes could delay substantial investment and disrupt global supply chains, making life harder for corporates.
The US is unlikely to swerve soon, since there appears to be bipartisan consensus there on taking a tough stance towards China.
US President Donald Trump may also seek to maintain a high state of tension as campaigning for next year's election gets into gear, making lasting resolution unlikely in the short term.
Global risks are influencing the US economy for other reasons, too. In the event of a deep global downturn, we do not see how governments could respond as they did in 2008.
European, Japanese and British central banks are stuck with their accommodative monetary policies, with very little space to ease more.
Therefore, very little fiscal action can be expected, leaving it to the Federal Reserve to be the last resort, should it be necessary.
Despite global risks, and others of a more regional kind, including Brexit, the Middle East and Iran, investors can still find interesting opportunities.
The US market remains strong, backed by a vibrant economy and healthy labour market.
There are interesting entry points for investors, especially if volatility pushes prices down further. This landscape offers several investment options.
As new business models disrupt consumer habits and companies, investors are eyeing the sectors most likely to be reshaped or disrupted by artificial intelligence, machine learning, and robotics and other technology.
These include healthcare, retailing, banking, manufacturing and transportation.
Choosing companies that are embracing these innovations, while avoiding highly leveraged companies unable to produce revenues and sustain high valuations, could prove to be good investments.
Finally, the climate change challenge is beginning to have an impact on financial markets, giving investors the opportunity to choose companies that will be well positioned to cope, especially global US companies offering solutions in related products and services.
Carmine de Franco is head of fundamental research at Ossiam
• US economy is strong and healthy, offering investors opportunities in the short and medium term
• In the long run, we are witnessing structural change of economies
• US-China tensions over trade are spurring volatility and greater risk across global markets
• Globally, governments and central banks are in a tight position should they need to counter a downturn