Silicon Valley entrepreneurs, Midwestern farmers and Wall Street investors all see China as a business opportunity. Yet in Washington, China is first and foremost a security threat.

It's not clear how often or how broadly Beijing will use the law. But by complying with U.S. sanctions on China, businesses could face tough sanctions in China as a penalty for doing so.

In a statement released just minutes after President Biden took office, China's foreign ministry said it was sanctioning those "who have seriously violated China's sovereignty."

The president-elect can undo many of Trump's tariffs with the stroke of a pen, but he's unlikely to do so now that the tenor of the U.S.-China relationship has changed.

On Tuesday, the Trump administration ordered China's Houston consulate to close, amping up tensions in already fraught relations. Here are some of the key developments reshaping U.S.-China relations.

The State Department, in a statement early Wednesday morning, said the move is "in order to protect American intellectual property and American's (sic) private information."