>> The White House says Germany is taking advantage of a quote, grossly undervalued euro to undercut the rest of Europe, and the United States. Is it a fair accusation? In one sense, President Donald Trump's trade adviser, Peter Navarro, may have a point. The euro hit a 14 year low against the dollar last month.
And according to the International Monetary Fund, the euro was undervalued by up to 10% last year, up to 20 locally in Germany. That suggests Germany benefits versus weaker economies in the European Union, such as Greece and Spain. But as Reuters Chief Markets correspondent Jamie McGeever notes, a more balanced exchange rate might not work with Trumps other policies.
>> Trump and his advisers want the dollar to be lower. Probably to revitalize and reinvigorate US manufacturing. The policies, they are also pursuing pro growth policies. Tax cuts, fiscal spending, and encouraging US firms to bring back hundreds of billions of dollars, which is overseas, back to the states for investment.
All that points to stronger growth. That is dollar positive. That would all suggest that the dollar is on an upward path, and they're trying to have their cake and eat it. And it's a very, very fine balance to walk. And I think policy makers in Europe, and in Asia will point out some of the inconsistencies.
>> Germany's government saying on Thursday they've been put in the awkward position of being forced to teach the new Trump administration the very basics of how the European Union works. Berlin's transatlantic coordinator stating, they had to rebuff an attempt by the White House to set up a bilateral trade deal.
Circumventing the single market at the core of the EU's charter. Media reports suggests several other member states have been approached with similar requests, all declined.