A potential trade war is looming ominously over financial markets amid President Donald Trump’s claim that the balance of global trade needs to be retooled in favor of the U.S.

But aside from recent tariffs on steel and aluminum imports, Albert Edwards, global strategist at Société Générale, highlighted two other reasons why Trump might double down on protectionist policies, raising the risk of a trade war. Concerns of retaliatory action by the U.S.’s trading partners have driven Treasury prices, pushing yields higher, TMUBMUSD10Y, 0.668% and roiled a stock market SPX, -1.15% already contending with a possible end to a favorable investing environment of muted inflation and solid growth.

See: Trade-war fears cast shadow over stock market

The White House’s new trade policy has been driven in part by promises to revive the U.S. steel and aluminum industry. But Edwards warns trade relations could also deteriorate for two other reasons — the U.S.’s probe into Chinese intellectual property theft and burgeoning trade surpluses in the eurozone.

“More immediate is the impending result of a US probe into China’s alleged theft of intellectual property. And boiling away in the background are Germany’s, and now too the eurozone’s, outsized trade surpluses,” he said, in a note.

Read: How investors can protect against a trade war—in one sentence

Fears of a trade war shifted to the fore after Trump’s decision in March to slap duties on metal imports. Investors soon came to realize that the president’s complaints over the U.S.’s trade deficit wasn’t all bluster and that he was intent on delivering his pre-election promises. And with trade hawks like Peter Navarro at the helm of trade policy at the expense of pro-trade advocates like Gary Cohn, the worry is there are few voices to soften Trump’s protectionist instincts.

Also check out: U.S. trade deficit in January surges to highest level since 2008

“President Trump is a most unusual politician. Like him or loath him, he seems to be doing something politicians seldom ever do: namely, attempting to fulfil his election promises,” said Edwards.

First, a trade war could emanate from gripes that Beijing has built its industrial policy partly upon an edifice of intellectual property theft—a complaint occasionally made by the White House, said Edwards.

On August, Trump authorized the U.S. Trade Representative to investigate claims that China has forced American companies to join with local firms in return for access to its domestic markets, often involving the transfer of U.S. corporate know-how and technological secrets.

“This is likely to be a far more explosive issue for China than recent tariffs on steel and aluminum,” said Edwards.

After Edwards published his note, the White House was planning to impose tariffs on goods worth an annual $30 billion against China, and other punitive measures against China, including limits on visas for Chinese scholars, and curbing Chinese investments into U.S. companies, The Wall Street Journal reported.

Take a look: The 10 ways China could retaliate against U.S. import tariffs

One other potential flashpoint is the burgeoning trade surpluses racked up by the eurozone, and especially Germany. Though Trump has been vocal critic of the U.S.’s trade deficits with China, Europe has also attracted the ire of the U.S. president, who has picked out Germany for carrying out “very bad” trade policies before in September.

It isn’t just Trump criticizing the trade policies of Europe’s largest economy. Other European governments have accused Germany of suppressing its own consumption while pursuing export-boosting policies to exacerbate internal economic imbalances in the eurozone.

“To be sure, other countries have a bigger surplus as a [percentage] of GDP, like Switzerland, Holland and Singapore, but these countries are relatively small. Germany’s surplus is now, in dollar terms, the biggest in the world,” said Edwards.

Germany’s current account surplus was $287 billion in 2017, according to the Ifo Institute. While, the overall eurozone surplus has risen to 4% of its annual economic output, according to the following chart. A current account typically refers to the balance between a countries exports and its imports, with net positive sales to trading partners resulting in a surplus.