Expect that China would suddenly launch a series of economic nationalist measures designed at punishing the "cultural arrogance of the West". As the third largest trading partner, and one of the largest holders of U.S. savings bonds, imagine the economic crisis caused by the immediate selloff of assets. To make matters worse, imagine the cost of Chinese technical piracy as billions of dollars of bootleg CDs, DVDs, and software is suddenly dumped onto the world marketplace.
In the United States, this would have torn the Republican Party in two very quickly. You would have the free-trade capitalism members (e.g. Steve Forbes, Bob Dole) on one side, opposing President Bush on one hand. On hte other hand, you would have the cultural conservatives (e.g. Sarah Palin, Pat Robertson, Mike Huckabee) in support of the measure. In either case, both sides would accuse Bush of betraying "Reagan's legacy"...
To make matters worse for the United States, China suddenly tells Iran, Iraq, and Syria that it is more than willing to purchase oil from those countries for a higher price than the United States, and that unlike the West, it won't ask any pesky questions about "human rights".