The U.S. may be China's biggest foreign market, but they have many other trading partners, and a huge domestic market. All the refrigerators and other appliances their population are now buying contain lots of stainless steel, which requires nickel. I'm not saying a severe U.S. recession will not impact China and others, simply that it will not bring severe recessions or depressions as in the 30's, and their economy will continue to grow (but not as fast).