How to do tag wrapping in VS code?

Question

I would like to wrap my selected html within a tag in VS code. How do I do that?

Answer 1

As I can't comment, I'll expand on Alex's fantastic answer.

If you want the Sublime-like experience with wrapping open up the Keymap Extensions (Preferences > Keymap Extensions [Cmd+K Cmd+M]) and add the following object:

{
    "key": "alt+w",
    "command": "editor.emmet.action.wrapIndividualLinesWithAbbreviation",
    "when": "editorHasSelection && editorTextFocus"
}

Which will bind the Emmet wrap command to Alt+W when text is selected

(Sorry for OSX only instructions)