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It probably won't have a huge impact on the average Westerner. It's going to put a hurt on a bunch of multinationals and hurt a segment of the financial industry, but not a directly consumer facing part. If it lasts a long time then Joe Average might feel it, but it's hard to tell how bad things are going to be.
I think it will make GM sad. Really, anyone that was banking on the growth of the domestic Chinese market is probably going to have to rethink their strategy.