Canada is not alone in its reliance on U.S. purchasers.

Canada and Mexico aren’t the only countries that could suffer significant losses as a result of U.S. President Donald Trump’s American-first trade policies. The U.K., France and Germany are all at risk as a result of their reliance on U.S. buyers.

“The global economy is at an inflection point as trade policies reshape market dynamics,” reports LSEG in study released Thursday. “Countries most exposed to the U.S. market — whether through revenue dependence or financial market sensitivity, and those with heavy export reliance — must brace for potential disruptions.”

The study analyzed three channels — exposure to U.S. revenue, dependence on export revenues and the knock-on effect of U.S. equity market volatility.

On the first, the FTSE Canada and FTSE UK indices are most exposed to U.S. revenues. Almost one-third (32.8%) of Canadian revenues come from south of the border. The same is true of 27.7% of the revenues reported by companies on the FTSE UK.

In terms of export dependence, Germany ranks highest — 42.4% of its GDP comes from exports. Mexico’s is 37.6%, France’s is 32.3%, Canada’s is 31.9% and the U.K.’s is 30.4%. That’s based on a study of 10-year average GDP reported from 2014 to 2023.

The South Africa index is most exposed to U.S. market volatility. Germany ranks second in terms of exposure, Mexico is fifth, Canada is sixth, France is seventh and the U.K. is 10th. The FTSE study based its ranking on a five-year comparison of the countries’ indices versus the FTSE USA, as of Jan. 31.

“The interconnectedness of global supply chains means that trade policies, particularly tariffs, can have far-reaching consequences beyond the countries directly involved,” write co-authors Indrani De, head, global investment research at FTSE Russell and Sayad Reteos Baronyan, director, multi-asset research at FTSE Russell. “Recent shifts in U.S. trade policies highlight the potential for economic disruption, affecting trade flows, investor sentiment and global equity markets.”

By contrast, just 3% of FTSE China revenues come from the U.S., 20.1% of its GDP comes from exports and the country’s stock index has a “lower U.S. beta exposure,” according to the report, comparable to that of Saudi Arabia and India.

The report’s authors note that trade policy uncertainty is “a more potent driver of volatility” than other kinds of policy question marks.

“In 2018, escalating trade tensions between the United States and China led to a surge in market swings, reflecting investor unease over the potential economic fallout,” LSEG notes. “This pattern suggests that markets react more forcefully when uncertainty is tied to structural economic risks rather than political events.

“Similarly, systemic shocks such as the global financial crisis of 2008 and the Covid-19 pandemic in 2020 triggered sharp spikes in volatility, reinforcing the idea that uncertainty alone is not enough to unsettle markets — what matters is whether it carries real economic consequences,” it said.