I remain cautiously optimistic that this won't happen.
I mean look at all the crap Huawei is going through because Chinese companies must assist the CCP. Is American leadership really going to be so stupid to think they can do this to their own companies? Sadly, it's possible and maybe even probable. However, I think it's going to be difficult.
For example in Korea, one politician mentioned something about a law forcing people to provide passwords to save police time if there were arrests or whatever. She quickly apologized after some people with common sense explained this was a serious violation of the constitution (Korea has a constitution similar to America).
So I think any law which makes people provide passwords or encryption keys will face a lot of constitutional challenges even by companies.