Not sure what you mean by
western do you only care about the EU and the US trades with China?
Anyway, this would apply to most of EU and US:
China would immediately retaliate and stop importation of any goods from the U.S./EU and U.S. businesses would lose access to a market with four times as many people as the U.S. The U.S. aircraft and automobile industries – our heavy manufacturing job generators – would take a severe hit.
Top 10 US Exports to China America's exports to China amounted to $124 billion or 7.6% of its overall exports.
1. Oil seed: $15.3 billion
2. Aircraft, spacecraft: $13.9 billion
3. Vehicles: $13.2 billion
4. Machines, engines, pumps: $12.5 billion
5. Electronic equipment: $12 billion
6. Medical, technical equipment: $7.5 billion
7. Plastics: $5.1 billion
8. Woodpulp: $3.4 billion
9. Copper: $2.9 billion
10. Wood: $2.7 billion
US Imports from China according to:
China was the United States' largest supplier of goods imports in
2015. U.S. goods imports from China totaled $482 billion in 2015, up 3.2% ($15 billion) from 2014, and up 98% from 2005. U.S. imports from are up 382% from 2000 (pre-WTO accession).
The top import categories (2-digit HS) in 2015 were: electrical machinery ($133 billion), machinery ($104 billion), furniture and bedding ($28 billion), toys and sports equipment ($24 billion), and footwear ($17 billion).
U.S. imports of agricultural products from China totaled $4.4 billion in 2015, our 3rd largest supplier of agricultural imports. Leading categories include: processed fruit & vegetables ($1.0 billion), fruit & vegetable juices ($321 million), snack foods ($208 million), fresh vegetables ($178 million), and spices ($159 million).
U.S. imports of services from China were an estimated $15.9 billion in 2015, 10.5% ($1.5 billion) more than 2014, and 132% greater than 2005 levels. It was up roughly 396% from 2001 (pre-WTO accession). Based on 2014, leading services imports from China to the U.S. were in the transportation, travel, and research and development sectors.
The U.S. goods trade deficit with China was $366 billion in 2015, a 6.6% increase ($23 billion) over 2014.
The United States has a services trade surplus of an estimated $30 billion with China in 2015, up 5.2% from 2014.
Additionally, China would lose any restraint to its belligerence in the South China Sea, since the prospect of losing its U.S. trade relationship would mean that there was no longer any cost to pursuing its territorial aims. There would likely be action taken against close U.S. partners Japan and South Korea and tension in the Straits of Taiwan would be harrowing. U.S. pledges to protect those countries would get called in, and the trade war might snowball into a very violent real war.
During a sudden stop, the US interest rate would jump from 2.9 percent in 2014 to 5.5 percent in 2015,” write Timothy J. Kehoe, Kim J. Ruhl, and Joseph B. Steinberg,” authors of the report. “A sudden stop would cause a sharp contraction in construction output and employment, even more severe than during the collapse of the recent US boom.”
Worse, the negative consequences wouldn’t stop with construction. They
would spread to the largest sector of the US economy, consumption, as
household real incomes will fall. “U.S households would suffer a real
income loss of $330 billion (1992 USD), 5.2 percent of 1992 U.S. GDP,
compared with a scenario in which the saving glut had never occurred.
That is, the total cost of disorderly sudden stop would be 16.1
percent of 1992 U.S GDP, or over $1 trillion ($689 billion plus $330
That’s certainly bad news for the US economy. But it’s also bad news
for China and our other lenders, as a big chunk of what American
consumers buy comes from these countries. That’s why such a scenario
In short, this would effect both countries' economy and would cause a big recession or complete collapse but China would be hit hardest as the US is there largest consumer of Chinese goods