Britain averted the damage of a complete breakdown in formal trade ties with the European Union, but it’ll still confront the biggest reset of an advanced economy’s commercial relations since World War II. The 11th-hour pact clinched by Prime Minister Boris Johnson on Thursday allows the final phase of Brexit to proceed with a relatively orderly divorce on Jan. 1. The U.K still faces a rude awakening though, as a new customs regime of form-filling and monitoring ends the seamless trade arrangements that have been in place since the 1970s. That risks disruptions at ports and even food shortages in supermarkets, while ... (full story)