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An imminent free-trade deal between Japan and the European Union will add substance to her rhetoric (see article).

Mr Trump has grasped an inconvenient truth. He has admonished Germany for its trade surplus, which stood at almost $300bn last year, the world’s largest (China’s hoard was a mere $200bn).

put a stop to sales of German cars—may be self-defeating, but the fact is that Germany saves too much and spends too little.

this is not the result of a mercantilist government policy, as some foreigners complain.

the increase in national saving has come from firms and the government.

It is an instinct that helps explain Germany’s transformation since the late 1990s from Europe’s sick man to today’s muscle-bound champion.

There is much to envy in Germany’s model. Harmony between firms and workers has been one of the main reasons for the economy’s outperformance.

This is one reason why the populist AfD party remains on the fringes of German politics.

Exporters do not invest their windfall profits at home. And Germany is not alone; Sweden, Switzerland, Denmark and the Netherlands have been piling up big surpluses, too.

For a large economy at full employment to run a current-account surplus in excess of 8% of GDP puts unreasonable strain on the global trading system.

Perhaps Germany’s bumper trade surplus will be eroded as China’s was, by a surge in wages.

the German instinct for caution is deeply rooted.

Germany’s structural budget balance has gone from a deficit of over 3% of GDP in 2010 to a small surplus.

The economy lags behind in its readiness for digitalisation, ranking 25th in the world in average download speeds.

Above all, it is long past time for Germany to recognise that its excessive saving is a weakness.