A Korea-based trade organization has forecast the latest U.S. trade tariffs on China will have a limited effect on South Korea overall, but damages to individual businesses will be inevitable.

In a report released Wednesday, the Korea International Trade Association said that since only five percent of South Korea's intermediary goods exported to China ultimately reach the U.S., the trade dispute between the two nations will be muted on the peninsula.

The report added, however, that some South Korean firms that manufacture consumer goods in China will face unavoidable damages as their exports are included on the U.S. tariff list.

On Monday, the U.S. announced it will levy ten percent tariffs on 200 billion dollars worth of Chinese goods effective September 24th.

The tariffs will apply to more than five-thousand-700 items, including chemical products, electronics, handbags, rice and textiles.