Malaysian investors are most at risk in Asia if a trade war breaks out between China and the United States under president-elect Donald Trump, Bloomberg columnist Andy Mukherjee says.

Trump's campaign promises, including labelling China a currency manipulator and ending "all foreign trade abuses", would provoke a tit-for-tat response, Mukherjee said in the financial portal's Gadfly section.

He said Malaysian investors would be the most vulnerable in the region because the country is not a large trading partner with the US.

This is unlike China, Japan, South Korea, India and Singapore, which are among the 15 biggest trading partners of the US, Mukherjee wrote.

Jittery investors flocking to buy the dollar amid Trump uncertainties "makes Malaysia a particularly vulnerable emerging market", he said.

Yesterday, Moody's said high external debt makes Malaysia vulnerable to confidence shocks.

This comes as CIMB Research expects the ringgit to slide to RM4.80 to the US dollar in the next six months.

The currency woes could also impact a possible uplift in consumer sentiments, which Mukherjee said are already bogged down by the 1MDB scandal.

"If fears about a Trump presidency keep exchange rates volatile, and the US$5.5 billion of foreign inflows into Malaysian bond markets turn into outflows, hopes consumers will provide a floor to the economy may quickly disappear," he said.