The German economy is unbalanced – but Trump has the wrong answer

The US president thinks currency manipulation is behind Germany’s massive surplus – but the best way to tackle it isn’t the exchange rate or trade policyFor Donald Trump, the measure of a country’s economic strength is its current-account balance – its exports of goods and services minus its imports. This idea is of course the worst kind of economic nonsense. It underpins the doctrine known as mercantilism, which comprises a hoary set of beliefs discredited more tha