Trump is right: Germany is running an illegal currency racket

“What winds everybody up is that Germany keeps pretending that these surpluses are pre-ordained. But they are the result of incentives, and governments can change incentives. German policy is set in the perceived interest of exporters at the cost of everybody else,” said Simon Tilford from the Centre for European Reform.

“What is puzzling is that Germany seems to be proud of its surplus, but a big surplus is not a sign of economic vibrancy. It means that German companies cannot find opportunities to invest at home,” he said.