The U.S. perpetually runs large trade deficits with the rest of the world (especially "Chermany") because other countries are far more focused on export-led growth.

The ‘Chermany’ analysis is interesting insofar as it explores the economic relationships that Germany and China each have with their respective trading partners and the similarities of both sets of relationships.

Let me introduce you to Chermany, a composite of the world’s biggest net exporters: China, with a forecast current account surplus of $291bn this year and Germany, with a forecast surplus of $187bn.