We normally look at trade balances by comparing US exports with US exports. Indeed, the US imports more than it exports. However, if we look at the sales of US subsidiaries in foreign countries we get a different story. For example, GM sells more cars in China than it does in the US. US corporations have a $1.4 Trillion surplus
with the rest of the world. That is great for them but its impact on US jobs is ambiguous.
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