This is even worse than the usual focus on bilateral trade deficits, which are also meaningless 1/ nitter.vloup.ch/mattyglesias/sta…
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Bilateral trade deficits only account for the last step in the supply chain, not value added 2/

Dec 21, 2016 · 9:18 PM UTC

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So having a large trade deficit with China only tells us that China does a lot of final assembly (often of parts from elsewhere) 3/3
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