The European Parliament has ratified the EU-U.K. Trade & Cooperation Agreement, avoiding a costly collapse of current trading relations from April 30. The Parliament has nonetheless warned the U.K. to “fully implement the terms of the agreements which it has signed” with respect in particular to trade with Ireland. Further negotiations over non-goods trade and potential dispute settlement measures relating to trade with Ireland are potential “post-Brexit” risks for regional supply chains. The cost to trade from the new customs arrangements can be seen in U...