New data has suggested that world trade is already being negatively impact by the trade wars that have been ongoing over the past few months.

According to the monthly Global Kuehne​ + Nagel Indicators' (gKNi) World Trade Indicator, global commerce declined by 1.3 per cent during August 2018, which analysts attributed to investors becoming cautious about agreements and institutions.

What's more, the report paints a gloomy picture of the situation going forward, with exports in Japan, South Korea and India in particular all expected to fall into negative territory.

This would be consistent with the manufacturing output forecast, with gKNI saying September 2018 may see the lowest growth since July 2015.

"After a strong gauge in July, the new data show a negative trend. The sharpest slowdown is expected for emerging markets, which are most exposed to any impact from rising trade tensions," the report's authors commented.

The data comes after both China and the US applied tariffs on products from each other's countries, including steel and tobacco. A statement from the White House said the taxes are a response to China's unfair trade practices, something China vehemently denies.