Actually, Germany Hates the Undervalued Euro

President Donald Trump and his appointees would seem to have it in for Germany. The latest evidence comes from Peter Navarro, head of Trump's new National Trade Council, who says Germany "exploits" its trading partners, both in the EU and in the U.S., using the "grossly undervalued" euro.

The claim smacks of a trade war in the making, and German Chancellor Angela Merkel felt compelled to answer it by saying her country couldn't "influence the behavior" of the European Central Bank, which is ultimately responsible for the euro's strength or weakness. But Navarro's statement deserves to be discussed in more depth because, like many things Trump himself has said, it contains just enough truth to be disturbing but not enough fully to make sense.