The US is accidentally conducting Operation Paperclip but in reverse. Who will benefit the most from it, China or Europe ?
Probably Europe. Seems more attractive for researchers. China is probably too different to be attractive for most Americans.
There are any number of smaller region/states that are already benefiting. Singapore comes to mind. Leading labs are all setting up in Singapore and both 1) internally-transferring their previously US-based talents on work visa to Singapore, and 2) using Singapore as a base for Asia hires, mostly notably from China.
Not sure if accidentally is the correct term, given the anti-intellectual platform
China is not very immigration friendly to non-han folks, but I guess chinese researchers won't make it to the US and this already will have a great effect on the chinese economy.
Europe is in its own set of problems and it is not in the same situation that US used to be after WW2 (only major economy not affected by bombing).
Europe's problems:
* active major war in Ukraine (lasting longer than Axis/Soviet war in WW2)
* energy supply issues (unlike US it's not energy sufficient and the places that supply it with energy are involved with wars)
* a wall of people aging away from employment and into doctor's and hospital waiting rooms (forcing less investment into research and roads/bridges/railway, more towards stabilizing pensions, healthcare)
* major pieces of the european export economy are being replaced by China (eg chinese car brands eating the lunch of european car brands).