It’d be great for buyers. Lower prices.
It’d be greater for WEIRDers.
The jobs would come back from overseas.
Quality should go up.
China steals IP anyway.
Plenty of pointless software ‘unicorns’ would rightfully fold, freeing up more cash for worthier investments.
The only people this would be bad for are China (already overspent and up to its neck in debt), Baby Boomers who padded out their portfolio with overleveraged companies and people who work abroad (boo hoo) or on similarly weak foundations of ultra-low overheads.