Portugal is overpowered. I hate them. Why are they a lucky nation? They sat in the shadow of the Spanish Empire, smacking about some foreign island states and randomly strolling armies around Ethiopia. And in-game, they colonize the Carribean, South America, Mesoamerica, parts of North America, South Africa, Australia, Phillipines and Siberia. And they conquer North Africa. And becomes the Holy Roman Emperor.
Okay, Portugal does not need a buff and is very powerful in-game, but that's just ridiculous.
Portugal OTL controlled the trade between Europe and Asia. Do you know what that Asia includes? India and Indonesia. The Portuguese crown did not control massive territories, yet their budget was absolutely huge. The comparable state to Portugal's situation is the Netherlands, which also grew to be very powerful but did not suffer the kind of stagnation Portugal suffered, which was thanks to their PU under Spain, that gained them some enemies. Previously, the Dutch and Portuguese were trading partners.
Then they colonized large parts of coastal Africa, led the exploration around Africa, gained contact and trading rights in Japan, possessed one of the richer colonies in the New World, with diverse production capacity. (Cycles of Brazilwood, sugar, coffee and even production of cotton and tobacco, and then a
massive amount of gold discovered in the 18th century)
You can argue that they need a nerf or something, but stating that they "sat in the shadow of the Spanish Empire, smacking about some foreign island states and randomly strolling armies around Ethiopia." and did little of note just shows a very clear lack of understanding about basic early European colonial history. The kind of income they get from trade is pretty historical, it's just the lack of competition and no way to cause a decline (Short of taking their CNs out of them) that are ahistorical!
@OP - By no means has Portugal been nerfed in 1.12. The claim that making Sevilla feed Genoa is a noticeable nerf to Portugal is, frankly, hilarious.