A state-run think tank says the United States may designate South Korea as a currency manipulator if it puts China on its list.

President Hyun Jung-taik of the Korea Institute for International Economic Policy(KIEP) gave the projection on Monday during a joint forum with the Korea International Trade Association(KITA) in southern Seoul.

Hyun said that if China is labeled as a currency manipulating country, its economic growth will slow down and uncertainties in the global economy will increase, striking a blow to South Korea’s exports to China as well as other countries.

He added that Washington may name South Korea or Taiwan as a currency manipulator first in order to put pressure on China while avoiding a direct confrontation.