Just tried it.

Aggrod a Gasher, targeted a Squib, retaliated on the Gasher.

First observation
It does not put you on the hate list (which isn't the same as not gaining enmity).

I retaliated twice, for 254 damage total, resulting in < 700 potential CE and 1100 potential VE. That would mean after getting hit for 1000 damage and waiting for 20 seconds should reduce total enmity to 1. Then I had a friend use Curing Waltz III for 375 HP, which means, if I was on the hate list, he would have gotten more than 2000 total enmity and pulled hate, which he didn't.

Second observation
It doesn't generate any enmity at all.

I Provoked a Pachypodium to get on its hate list and waited 30s for the hate from that to subside. I targeted a cock my friend was fighting, while facing the Pachypodium. I waited for a double Retaliation hit (a weak one, admittedly, but the numbers check out with considerable margin of error) and then instructed my friend to cure me with the weakest cure available (Curing Waltz). If Retaliation did in fact give enmity, it should keep facing me, because by that point I have stored up quite some enmity. If, however, it went for my friend, it would mean that Retaliation doesn't give enmity.

Retaliation damage: 299HP, resulting in 413CE and 1237VE, 1649 TE
Time elapsed: 10s, resulting in 60VE/s * 10s = 600VE loss
Damage taken: 62HP, resulting in 45CE loss
Remaining enmity: 367CE + 1049VE = 1416TE
HP cured: 94HP, resulting in 410TE

"Time elapsed" and "Damage taken" refer to the interval between the first retaliation hit and the moment the cure move was used, again with considerable margin of error. So if it would indeed give TP, the Pachypodium would still be facing me, but it didn't, it went after him instantly.