China's military drills in response to U.S. House Speaker Nancy Pelosi's visit to Taiwan will not trigger an immediate military escalation, though they underscore Beijing's options for political, military and economic retaliation against the United States, Taiwan and other rivals, as well as the limitations of regional stabilization efforts. Pelosi met with Taiwanese President Tsai Ing-wen in Taipei on Aug. 3 after arriving on the island a day earlier. In response, China's defense ministry announced live-fire drills for Aug. 4-7 in six areas in the waters surrounding Taiwan. Then on Aug. 4, Taiwan's Maritime and Port Bureau claimed that China had added a seventh area and extended the maritime drill through to 10 am local time on Aug. 8. The drills have so far involved Chinese naval and aerial incursions across the Taiwan Strait median line (a de facto dividing line between the two countries) and missile tests in the...