The Trump administration's murmerings that Germany has manipulated the euro are looking even more ridiculous now. Photo: Reuters/Michael Kappeler

Bloomberg reports, “Chancellor Angela Merkel said the rising euro is almost certain to have an impact on exports and that she’s not too concerned about Germany’s trade surplus with other countries. ‘Personally, I don’t view the trade surplus as so dramatic,’ Merkel told reporters in Berlin. ‘But if the trade surplus should now shrink, then that would be one of those developments that’s really out of our hands.’ Some Trump Administration officials including economist Peter Navarro accused Germany of manipulating the Euro downwards to obtain trade advantages. Merkel seems happy to let the Euro rise, as it must if Europe is to remove the negative interest rates that infuriate German savers.