International opprobrium at President Donald Trump's steel and aluminum import tariffs, announced Thursday, was swift and fierce.
Industry leaders and allied countries threatened retaliation over what they called blatantly protectionist measures.
But Asia, which produces more than two-thirds of the world's steel, will be minimally affected when compared to the rest of America's trading partners, according to ratings agency Moody's.
"In Asia, the direct economic effects at the macro level would be very small as exports of aluminum and steel to the U.S. typically amount to less than 1 percent of gross domestic product (GDP) or exports," Moody's said in a research note Friday.
It added that "the direct impact on steel companies would be manageable for the steel sector and rated steel-makers in Asia," because steel is predominantly traded within the region. "The direct impact is moderate on Korean steelmakers, to low on all the rest of Asia."
The CEO of Japanese giant Nippon Steel, the world's second-largest steel producer by volume, called Trump's decision "regrettable." Asian shares saw a selloff on Friday, led by metals producers, with South Korea's Posco down 3 percent and Nippon Steel down 4 percent.
"Even for Korea — with high levels of steel exports to the U.S. — the effects will only prove moderate for Posco and Hyundai Steel," Moody's said in a tweet Friday.