If this situation does occur, what is the economic impact upon the rest of the world?

The prices for labor will start to increase across all the Asian nations. There will probably be less cheap products being moved around and I think this will probably mean the other nations will take up the share. But this 0.5% GDP from China would be far greater than 0.5% for the other 3rd world countries. So prices go up and less people buy in as profit margins drop (or prices go up).

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