It is the Europeans and not Trump who should complain about Germany

Donald Trump complains about Germany’s trade surplus with the United States. But Germany also has a trade surplus with the other euro-zone countries. And Germany lends its savings surpluses to the world outside the euro zone, including the United States, but not to the other euro-zone countries. If Germany has a trade surplus with a country but finances that country’s external deficit, that country is in a good position because it can consume more as it is financed to do so. This is the case of the United States. But if Germany has a trade surplus with a country and does not finance that country’s external deficit, then that country is in difficulty. This is the case of the euro-zone countries. So it is clearly the euro-zone countries and not the United States that should complain about Germany’s external surplus.