A local institute projected that if a trade war between the United States and China leads to a global economic slowdown, South Korea will be hit the hardest after Taiwan.
 
The Institute for International Trade under the Korea International Trade Association estimated Sunday that if the United States and China impose 25 percent tariffs on 50 billion dollars worth of products imported from each other, South Korea will see a decrease of point-018 percent or 260 billion won in its gross domestic product (GDP).
 
The report said that the United States will see its GDP decrease by one tenth of a percent, while China's GDP will drop by point-two percent in the trade war.
 
It said that Taiwan would be the biggest casualty in the trade war, with its GDP forecast to drop by point-025 percent.
 
Canada came in third, followed by Mexico, Ireland, Australia and Germany.