South Korea and the United States had agreed to a plan to limit trade surpluses and deficits. The limits weren’t too strict, at 4% of GDP either way. China even felt they were acceptable.
But Brazil and Germany said no because their exporters wouldn’t have it, according to the FT.
So if Brazil starts complaining about hot money flows from QE 2, or Germany about the yuan-euro exchange rate, it is likely to fall on deaf ears.