China isn’t killing the US in trade by as much as we think

A trade war is brewing between the US and China. 
The US-China trade balance misses hundreds of billions of sales made through offshore subsidiaries. 
Tariffs could hurt both sides more than the record-high US trade deficit with China suggests. 
President Donald Trump loves to hate the trade deficit the US runs with China — even using it to promote a trade war between the two countries — but he could be missing a huge point. 
On the campaign trail, Trump called tr