Taiwan, Malaysia and Singapore will be among the markets most affected by the US tariffs on Chinese goods. Many economies and companies outside the US and China could be exposed because of their interconnected supply and revenue chains, potentially putting global economic growth at risk.

Tariffs on Chinese exports are much more consequential for emerging market economies than those on US exports, and the pain is likely to be concentrated in Asian economies. The US and China have been trading fierce rhetoric over the past two months, threatening to slap billions of dollars' worth of tariffs on each other's goods and services. While the current dispute between the two economies hasn’t officially been classified as a trade war the threat is real.

Trade tensions can take a real toll when they intensify. There could be some economies less exposed to the first-round effects of tariffs. The immediate damage is focused chiefly on Asia, while relatively closed economies such as Brazil and India should be more insulated than other economies in the event of a more global trade war.

China’s tariffs on US goods will mainly offer opportunities to developed market economies who could look to replace the US as a major supplier of higher value-added commodities, while other emerging economies will hope to substitute for China as a provider of raw materials and components.