British trade growth reversed in November with a 4.4% slide compared to a year earlier following growth of 2.8% in November. That included a 10.9% drop in trade with the EU that was in large part down to the delay in a “hard Brexit” and subsequent destocking. Formulating a new trade deal with the EU after the transition exit period which runs from Jan. 31 to Dec. 31 will prove far from easy. Both sides want zero tariffs on merchandise but are well apart on regulatory and non-merchandise issues. In any event the EU is unlikely to have its own stance settled until March. Even at a detailed...