The (US-HQ'd) company I work for has a small but significant office in China. We are not a household name, even within tech, so I doubt we'd be a target of any retaliation by China.
However, my worry is this: Whilst we have a lot of really good people in China, we don't do any business in China (and there's no realistic prospect of us doing so). So at this point operating in China seems like a huge exposure to risk for relatively little reward in the long term.
But I don't see an alternative for us. Pull out of China and business continuity would take a huge hit; stay in China and accept the risks & uncertainty.
Basically, I'm torn about the whole situation.