Recognizing Taiwan will draw the ire of the CCP, and will bring you bad karma for your next generations…
It might also brake some trading links, but with China being more like a winner in those trade links, it is not like they would lose a lot. Just look at Canada - hell, I personally clap my hands to the government over there for being honest and try to push some more human rights into China, instead of playing the “economic” tune all the time - or, like they say, “it is not like Canada is the winner in the trade balance”…