1.The US has every right reason to worry about its ever bulging massive trade deficit that has disproportionately benefited China, Germany or Mexico. To label as protectionism every move a sovereign country makes to reduce longstanding eye-popping imbalances is simply wrong. Free trade is only so good as long as there are winners only. Not permanent winners and permanent losers that do not swap places.
When oversized surpluses are met by equally oversized deficits I take it can only last for a given period. Needless to point out the reasons, I would imagine.
At the end of the day, the wealth of nations is broadly at stake.
Current German leadership is smartly aware of it and has therefore chosen to keep a low, meek profile while reaping the rewards from multiple sources.
2.Germany has indeed been the one country to have profited the most from the Euro and globalisation of trade as has taken root. Eurozone woes remain as structural as ever with southern European nations struggling to get out of a very tight spot, mainly the regions' smaller economies. All has been said and written about the imbalances within the Eurozone but so far none has been addressed in earnest. Remarkably, to this day the view from Berlin is entirely different!
3.Tellingly, the world's most ardent supporter of globalisation is China, likely the single country to have benefited the most from it. Germany dug in solidly in an enlarged EU single market and selling China every capital and premium goods it wanted to buy.