Germany’s trade surplus hit a new record of 253 billion euros ($271 billion) in 2016, attracting plenty of headlines about the potential for trade conflict with the U.S. Yet, the data for December was actually quite weak – exports fell 10% on a year earlier as a result of a 30% contraction of shipments to China. Furthermore, Panjiva data shows U.S. shipments by sea to the U.S. likely slowed to as little as 1% in January after a 16% increase in December. Longer term, accusations from NTC Head Peter Navarro suggest the U.S. has an appetite for a more robust trade stance, though Germany’s U...