US and China (Sylodium, Free international trade directory)

China - USA

The concerns about developing economies are being heightened by the Fed's recent decision to begin pulling back on the bond-buying stimulus programs that have helped keep interest rates low around the world.

A decline this week picked up speed and spread around the globe on Friday, leading to the first sustained drop in United States stock indexes in 2014. The Standard & Poor's 500-stock index fell 2.1 percent on Friday, to end its worst week since June 2012.

Meanwhile in China, whose economic advance is slowing. An index of Chinese manufacturing growth released on Thursday showed that the most important cog in the country's economy, the worlds second-largest, was contracting for the first time in six months.

In the rest of the world, the damage so far is less severe than it was during similar turmoil in emerging markets last summer, when the Fed first talked about easing its bond-buying programs. Most markets ended up bouncing back from that episode, according to CNBC.

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