Broken down into its simplest form, one facet of this is that this is a supply chain issue. And the remaining major question is if China blinks. Intellectual property rights also needs worked on there, driven largely by retailers, and their ability to control JIT. There is a national security issue in all of tis as well.
The reporting, some of it anyway, has been about China calling debt. This is the same reporting that happened pre BREXIT, which we now know was not very truthful. I maintain that currency will rush out of China, as much as China can actually call US Debt, which is largely not callable. Stop buying maybe.
That's the rub. They can stop buying, but can they prevent a rush away from their currency at that point. I don't think so, and I take SB's position on this as a likely outcome.
This is really a more dangerous and high stakes game than anything Russia could ever do, or has done.