Peter Navarro, head of President Trump’s National Trade Council, has accused Germany of using the euro as an “implicit Deutsche Mark” to benefit its trade with the EU and the U.S. Panjiva data shows Germany ran a $66.3 billion trade surplus vs. the U.S. over the past 12 months, while the biggest three export industries from Germany to the U.S. (autos, healthcare and aerospace) all expanded since 2011 (by 22%, 48% and 68% respectively). Yet, the policy might be tracking an old target. Germany’s surplus in November was 21% lower than a year earlier, exports to the U.S. fell 8% in the quart...