There would probably be shortages and hyperinflation as American and other nations’ firms would be unable to keep up with U.S. demand for cheap crap. Our beloved politicians would try to assert their role as our benevolent buddies and enact disgustingly inefficient, ineffective economic policies theoretically aimed at “fixing” the problem byt would probably end up making things worse. Further, there would NOT be the big boost to U.S manufacturing jobs many people would expect, simply because manufacturing in the US is expensive and the new quantity of goods demanded from US firms would end up being a fraction of the quantity cut off from China. There would probably be an outright economic depression.
China, on the other hand, would experience mass famine and probably civil war.

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