Europe would be the biggest loser after it loses access to Russian cheap oil and gas. De-industrialization would be in full swing as energy intensive industries would be crippled. On the other hand, NA especially the US would be the biggest benefactor.
To be honest, I never expected that.
For the Americans to take advantage of Australia for example, after going to bat for the Americans, the people under there find out what the Chinese stopped buying from them were being purchased from Uncle Samuel, it is only Australia. They can live it down.
But to de-industrialize large swaths of Europe, that is entirely different.
In the former case, the cannibalized victim makes less money. In the latter case, the cannibalized victim will lose its livelihood and may not recover for generations, if at all.
Yet, the same victims, still are able to sing the praises for America on some days.
What should China do?
It is very unlikely China would be able to do something this harmful and damaging.
Pretend anger is probably enough.
And get the popcorn or other snacks, the most important part.
