Step 2: globally orchestrated sanctions on a fascist dictatorship
Step 2b: hopefully we avoid WWIII
Step 2b: hopefully we avoid WWIII
But though there's a lot of pressure to choose your side, I doubt every country will do so. If forced they might choose China?
Even the elites want out... i'm not sure the system wouldn't eat itself before then.
The majority of the US and Soviet population was better off with the iron curtain than without in real terms. The US median hourly wage only surpassed that of 1968 in the last 3 years.
So, even moderate global sanctions will have a massive impact with both affluent class and the labor class revolting.
However, remember, oil embargo drove Japan to WW-2, I'm sure China will react similarly unless that internal revolt happens first. Too difficult to predict.