The U.S. investment bank Goldman Sachs has projected higher tariffs as a result of Donald Trump’s U.S. election victory, not only for China but also for South Korea, Taiwan and other Asian countries.

According to the U.S. broadcaster CBNC on Monday, Andrew Tilton, Goldman’s chief Asia-Pacific economist, presented the projection in a recent note.

Tilton reportedly said that while the U.S. bilateral trade deficit with China has decreased somewhat since the first Trump administration, deficits with other Asian exporters have risen significantly and may come under increased scrutiny. 

The economist said that with Trump and some of his likely appointees focused on reducing bilateral deficits, there is a risk that burgeoning bilateral deficits could eventually prompt U.S. tariffs against other Asian economies.

Tilton said that South Korea, Taiwan and especially Vietnam have seen large trade gains versus the U.S., adding that South Korea’s and Taiwan’s gains reflect their “privileged positions” in the semiconductor supply chain, while Vietnam has benefited from the redirection of trade from China.

During the U.S. presidential campaign, Trump pledged to impose a blanket tariff of up to 20 percent on imports, and a 60 percent tariff on imports of Chinese goods.