- Trump’s trade adviser Peter Navarro complains about an unfair competitive advantage for Germany.
- He has a point, and this has much to do with the internal workings of the eurozone.
- There are signs some of it might be unwinding, and the ECB might be forced to remove stimulus, which will boost the euro.
- We think it’s going to last quite a bit longer, but there are risks of serious clashes within the ECB.