This is what I am half-dreading.
Far to many people have no real memory of that incident in 1989. It was right before the US-China trade floodgates opened, when the nation was little more than a supplier only in the region. At that time they ran into the square to end the protest with tanks. And even today, nobody knows what the death toll was.
At that time they were not members of the World Trade Organization (this was delayed until 2001), and their exports were much less important.
This time, to me it is still a coin flip how they will respond. But if they do a repeat of 1989, expect things there to get bad fast.
To start with, pretty much all new businesses will stop looking there for manufacturing. And a lot of long time partners will be looking to jump ship to new locations. At this time, odds are the real beneficiaries will be the nations they took the business away from in the first place. Philippines, Taiwan, Indonesia, Vietnam, etc.
Myself, I think the best possible way to handle this would be for the US to get off it's ass and create a "Monetary Amnesty" program. There are huge amounts of money sitting overseas in China and other countries, trapped because of the tax laws see the government confiscate at least half of it. I have long thought that we should do a kind pf "Appropriation Amnesty", where so long as the money returned is spent on rebuilding US manufacturing it should not be taxed.
Imagine companies like Apple taking the billions they have sitting in Chinese banks, and spending it on new factories to make their products right here in the US.
Odds are it is going to start to trickle back, as companies get nervous at the stability of China politically. But given the right incentives, that could become a flood.
Especially if China does what it looks to be doing, and taking the Big Stick approach.