Sino-US trade war to expose other economies to risk

A trade war between China and the United States wouldn't affect the two countries only, but it would also bring other countries into the trade battle.

It is expected that US will impose sweeping tariffs on Chinese goods on Friday and China has promised to reciprocate, if the US implemented the tariffs.

"We will never fire the first shot and will not implement tariffs ahead of the U.S.," the Ministry of Finance said in a statement late Wednesday, after media reported that Beijing would start levying tariffs hours ahead of the US due to the time zone difference.

A new model by economists at Pictet Asset Management has produced a list of economies that would be most negatively affected because of the Sino-US confrontation, according to Reuters.

The list's first ten countries are; Luxembourg, Taiwan, Slovak Republic, Hungary, Czech Republic, South Korea, Singapore, Malaysia, Iceland and Ireland. Tunisia is the first Arab country that could be economically damaged, which had ranked the 28th position.