The dynamics and structure of nonequilibrium liquids, driven by non-conservative forces which can be either external or internal, generically hold the signature of the net dissipation of energy in the thermostat. Yet, disentangling precisely how dissipation changes collective effects remains challenging in many-body systems due to the complex interplay between driving and particle interactions. First, we combine explicit coarse-graining and stochastic calculus to obtain simple relations between diffusion, density correlations and dissipation in nonequilibrium liquids. Based on these results, we consider large-deviation biased ensembles where trajectories mimic the effect of an external drive. The choice of the biasing function is informed by the connection between dissipation and structure derived in the first part. Using analytical and computational techniques, we show that biasing trajectories effectively renormalizes interactions in a controlled manner, thus providing intuition on how driving forces can lead to spatial organization and collective dynamics. Altogether, our results show how tuning dissipation provides a route to alter the structure and dynamics of liquids and soft materials. arXiv:1808.07838v4 [cond-mat.stat-mech]