Many countries have been affected by the trade war, and there are now winners and losers to name.

While there are two actors in the US-China trade war, neither of them can be declared the winner so far. While Vietnam and other Southeast-Asian competition to China have surely benefited from the trade war’s fallout, a few countries in the Western Hemisphere have taken quite a hit.

Chile has long been regarded as one of Latin America’s most stable and prosperous countries, alongside the likes of Uruguay. Unfortunately, the trade war has taken a shot at Chile’s economy and may be affecting its success. Chile is wealthy relative to its South American neighbors, as the country has valuable natural resources. One of the country’s main exports, copper, has seen a 17% reduction in price so far this year. Furthermore, the Chilean Peso, long considered one of the most stable currencies in South America, has reached a three-year low. That’s to say nothing of unemployment, which has seen a sharp rise recently.

Just months ago the Chilean government had forecasted strong growth for this year, but the economy is slowing down. So, what went wrong? The answer lies in the US-China trade war, which has harmed Chile’s particularly vulnerable export-based economy. Economists describe the effect as “external shock.” Chile has an export-based economy, and its biggest export partner is China. China imports Chilean copper, among many other goods, so Chile has been harmed due to external factors beyond its control. To make matters worse, as this economic downturn has taken place many Venezuelan refugees have fled the crisis in their country to look for work in Chile. This mix of external factors, taking place at exactly the wrong moment, have caught the Chilean economy by surprise.