The U.S. trade deficit with China may be much smaller than thought according to new trade measurements that capture the flow of raw materials and intermediate goods as they work their way around the world into final products.
In a significant revision to economic record keeping the Organization for Economic Cooperation and Development and the World Trade Organization have patched together international databases that show not just the value of final goods trading hands between countries – the traditional method of measuring imports and exports.
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Howard Schneider, Washington Post via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/jdnvS5d6eO8/
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