Does iPhone Increase or Decrease U.S. Trade Imbalance?

Trade policy occasionally erupts with charges of "jobs exported" and larger trade imbalances. The charge is no less made of high-technology products than for manufactured goods.

If trade statistics were adjusted to reflect the actual value contributed to a product by different countries, the size of the U.S. trade deficit with China—$226.88 billion, according to U.S. figures—would be cut in half, some researchers argue.

Tech Supply Chain Exposes Limits of Trade Metrics - WSJ.com (subscription required)