Bloomberg summarizes how Germany be the worlds third largest exporter (largest per capita exporter), running a huge trade surplus, if its manufacturing sector has been shrinking just liked Trump laments in the US? Summarize the arguments of the Bloomberg article and be able to criticize them. Krugman, on the other hand argues that the decline in manufacturing could not have been caused by the trade deficit, which would have to be much larger to the culprit. Which means of course, that reducing the trade deficit is also not going to cause a huge reversal in manufacturing employment.