News from Around the World

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Conservatives Win Commanding Majority in U.K. Vote: ‘Brexit Will Happen’

LONDON — Prime Minister Boris Johnson and his Conservative Party won a commanding majority in the British Parliament

ECB Keeps Rates Steady as Christine Lagarde Makes Debut as President

FRANKFURT—The European Central Bank joined the Federal Reserve Thursday in pausing a wave of monetary easing, leaving its key interest rates unchanged at Christine Lagarde’s first policy meeting as the bank’s president.

WTO Judge Blockage Could Prove 'The Beginning of the End'

The World Trade Organization is facing a major crisis as its appellate body loses its ability to rule on new dispute cases. The US has been blocking the appointment of new judges to protest the way the WTO does business.

The appellate body of the World Trade Organization (WTO), considered the supreme court for international trade, lost its ability to rule on new dispute cases at midnight Tuesday.

U.S. and Chinese Trade Negotiators Planning for Delay of December Tariffs

U.S. and Chinese trade negotiators are laying the groundwork for a delay of a fresh round of tariffs set to kick in on Dec. 15, according to officials on both sides, as they continue to haggle over how to get Beijing to commit to massive purchases of U.S. farm products President Trump is insisting on for a near-term deal.

Trade War Goes Digital: Countries Eye Tariffs on Internet Economy

A 20-year global moratorium on imposing tariffs on digital trade could end next week if India or South Africa makes good on threats, according to trade officials and documents, potentially forcing people to pay duties on software and movie downloads.

Since 1998, World Trade Organization (WTO) members have renewed a ban on import duties on so-called “electronic transmissions”, worth up to $255 billion a year by one estimate.

Japan Ratifies US Trade Deal in Record Time

Japan’s Diet has pushed through a US trade deal in record time, showing how Tokyo hopes to dodge any trade war by co-operating with US President Donald Trump’s demands.

The upper house completed ratification of the deal — which will slash Japanese tariffs on US beef — 10 weeks after it was first agreed and less than nine months since the start of negotiations. With no ratification needed in the US, the deal is set to come into effect on January 1. 

Turkey Inflation Returns to Double Digits and May Stay There

Turkish inflation returned to double digits in November, possibly limiting the central bank’s ability to continue aggressively cutting interest rates.

Consumer prices grew 10.6% from a year earlier, compared with an increase of 8.6% in October, the Turkish statistics agency said on Tuesday. The median of 21 forecasts in a Bloomberg survey was 11%. Prices rose 0.4% in the month.

Trump Says U.S. Will Impose Metal Tariffs on Brazil and Argentina

WASHINGTON — President Trump said on Monday that he would impose tariffs on steel and aluminum from Brazil and Argentina, a move that would shatter previous agreements with those countries and widen a global trade war that the president had appeared ready to scale back.

Mr. Trump, in a message on Twitter, accused Brazil and Argentina of manipulating their currencies and hurting American farmers. “Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries.”

Fed Has Taken ‘Significant Action’ to Offset Risks to Economy, Brainard Says

NEW YORK—Federal Reserve Gov. Lael Brainard said Tuesday that three central-bank rate cuts have put monetary policy in the right place for now, in remarks that also sketched out her preferred path for updating central-bank tools to deal with a low interest-rate world.

“It will take time” for the full effects of the Fed’s rate cuts to move through the economy, Ms. Brainard said in a speech before a gathering of the New York Association for Business Economics. “I will be watching the data carefully for signs of a material change...

Global Trade Momentum Rises for First Time in Four Months

Trade momentum rose in September for the first time in four months, according to the CPB’s World Trade Monitor. The latest three-month figures offer a little upbeat news about global commerce at a time when the end-game for a “phase one” U.S.-China deal remains murky.