While it is more obvious to the casual observer that market prices of goods involved in a tariff battle between the United States and China would increase for the countries directly involved in the retaliatory tariff trading. However, there are many other nations who rely heavily on imports from China and the United States, respectively. Economist involved with Pictet Asset Management, modelled the outcome of the changing tariffs in these impacted nations and produced a list of the top ten most impacted nations. 

The most impacted nations are those who produce most of their exports in the form of raw goods, which are traded to other nations to be made into consumer products. The country that would be most impacted by the tariff trading is the landlocked European nation of Luxembourg, as over 70% of their exports are part of the global supply chain. The tenth most impacted nation would be Ireland as just under 60% of their exports are part of the global supply chain. The nations most impacted are located in Europe and in Asia. 

The full list is as follows: 

• Luxembourg - 70.8% 
• Taiwan - 67.6% 
• Slovakia - 67.3% 
• Hungary - 65.1% 
• Czech Republic - 64.7% 
• South Korea - 62.1% 
• Singapore - 61.6% 
• Malaysia - 60.4% 
• Iceland - 59.3% 
• Ireland - 59.2%