The political tussles have been a growing source of tension for the UK and other European countries of how to navigate the rapid deterioration of US-China ties. After decades of pursuing trade with Beijing, trying to dial that back comes at a cost for businesses. The US has restricted China’s access to advanced technologies such as high-end semiconductors that could be used for military purposes, and blacklisted some of its companies on security grounds. Beijing responded with some of its own restrictions. Balancing such security concerns without losing access to China’s massive market has created friction with the private sector,...