South Korea ranked sixth in a list of ten countries that would be most economically damaged by an escalating trade war between the U.S. and China.

Reuters and Business Insider on Thursday released the list produced by economists at Pictet Asset Management, who ranked the countries based on how integrated they are into the global value chain. 

The report said that the nations most at risk are those which supply raw materials to other countries, which then use those raw materials in the production of goods for export. Pictet said that Taiwan, South Korea, Singapore, and Ireland are all therefore vulnerable. 

South Korea placed sixth with a risk of 62-point-one percent. Business Insider said that, while the South is known for being one of the most technologically advanced economies in the world, it is at risk as the U.S., China, and Singapore are its top trading partners. 

Luxembourg topped the list with a risk of 70-point-eight percent, followed by Taiwan, Slovak Republic, Hungary, and Czech Republic.