Conversely, the United States’ trade deficits with Japan, Taiwan, and Korea are magnified when measured as value-added, because those countries manufacture many of the components that are assembled in China and then imported as final goods into the United States (the same is true for Germany). and China, using value-added measures, is 40 percent smaller than the reported bilateral trade deficit based on gross value in 2004 (see chart). A recent analysis by Robert Johnson of Dartmouth College calculates that the true bilateral deficit between the U.S.
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