China rewrote the rules of global business a few weeks ago. You probably missed it. Two innocuous-sounding regulations from the State Council threaten to upend business as usual for any company that does work in China or engages with a Chinese counterpart.

Demonic forces have been unleashed on global supply chains. Credit State Council Orders No. 834 and No. 835. Issued in April, 834 is innocently titled “Provisions on the Security of Industrial and Supply Chains,” while 835 is equally bland: It is “Regulations of the People’s Republic of China on Countering Unjustifiable Extraterritorial Jurisdiction Measures Imposed by Foreign States.”

At first glance, the two regulations feel like one more step in the steady escalation of trade........

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