U.S. tariffs and China's limited retaliation will likely yield negotiations on stemming flows of Chinese fentanyl into the United States, but likely additional U.S. tariffs will see Beijing escalate its retaliation, making a broader trade deal unlikely due to the wide scope of U.S. grievances and Chinese reticence to concede on sensitive issues. On Feb. 4, China's finance ministry announced 10-15% tariffs on imports of U.S. liquefied natural gas, coal, crude oil, farm equipment and large-engine vehicles that will enter into force on Feb. 10. China's market regulator also announced an investigation into U.S. tech giant Google for potential violations of China's Anti-Monopoly Law, while China's commerce ministry placed PVH -- the parent company of U.S. clothing brands Tommy Hilfiger and Calvin Klein -- and U.S. biotechnology company Illumina on its Unreliable Entity List (UEL), subjecting them to potential sanctions. In addition, China's commerce ministry placed export licensing regimes on...
