German finance minister happy to talk trade surplus with US

Germany's finance minister says he's happy to discuss American concerns about Germany's trade surplus, but insists his country hasn't been exploiting an undervalued euro to boost exports.

White House trade adviser Peter Navarro in February said Germany was using a "grossly undervalued" euro to "exploit" the U.S. and EU, and this week said reducing the U.S. deficit with Germany was "one of the most difficult" trade issues.

German exports hit a high last year of 1.21 trillion euros ($1.29 trillion), with a trade surplus of 266 billion euros.

Wolfgang Schaeuble told reporters Tuesday this was due to "the competitiveness of German industry."

He says "naturally we will openly discuss it with anyone who wants to discuss it and what exactly is meant that we manipulate; we haven't manipulated anything."