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Andrés Ortega, senior research fellow, Real Instituto Elcano, said: “China’s controlled but ongoing globalization is essential for economic development. The US is pulling back, but not the rest of the world, with the effect being a loss of jobs and salaries. We need to recover multilateral, not unilateral, control on globalization and to make it more inclusive.”

Analysts, experts wonder if there's a correlation linking rare simultaneous spikes in markets

And the reality is, it’s always balanced with the fact that people buy a lot of stuff from them, because they generally deliver on time. There’s an expectation, and they generally meet it. They will no doubt point to all the surveys that show how much people trust them. So it’s this dichotomy that they hold in the balance, pretty much all the time.

And according to a 2018 government-commissioned report, lenient sentences for companies and officials are hampering attempts to reduce occupational accidents in South Korea, which has the third worst industrial safety record among countries in the Organization of Economic Cooperation and Development, or OECD.

Analysts said after Tuesday's panic selling, investors still believe the US and China will work out their differences.