Disruption in Asia as result of the U.S.-China trade war is inevitable, Marro said.
Countries in the region that are heavily dependent on shipments to China — such as Japan, South Korea, Taiwan, Singapore — are prone to "feel a bit of the pain in the short term," he added.
"China is a major destination for intermediate and final ICT goods from all four economies, meaning that companies in that sector will be heavily exposed to the impact of tariffs on demand for these products," according to the report.
This might have long-term consequences as companies may decide to move towards this position of not being as reliant on China anymore, Marro added.
However, Taiwan and South Korea might be cushioned from the impact as these countries have a secure positioning in the supply chain since they specialize in high precision equipment.
The U.S. and China are currently embroiled in a trade dispute, with both countries slapping additional duties on each other in the past few months. The U.S. has imposed extra tariffs on $250 billion worth of Chinese imports — with U.S. President Donald Trump threatening to impose levies on all $500 billion worth of goods from the Asian giant. Beijing has retaliated with additional tariffs on $110 billion worth of U.S. imports.
A meeting between Trump and his Chinese counterpart Xi Jinping at the G-20 summit in Argentina this month will be of great significance, China's State Councillor Wang Yi, said on Thursday. But analysts are divided on whether any reprieve can be expected from the escalating tensions between two of the world's economic superpowers.