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The U.S. has a surplus of $20 billion with China and $1.4 trillion with the rest of the world. That's not a normal trade balance, of course, where the U.S. registered an annual deficit of more than $330 billion with China and about $550 billion with the world last year, but an "aggregate sales surplus" that measures both direct trade and the sales of multinational companies, according to research by Deutsche Bank AG. China and the U.S. are meanwhile locked in negotiations to stave off a trade war, with Trump threatening to slap tariffs on at least $50 billion in Chinese imports after June 15 .What the sales data does show is that the interests of U.S. firms aren't always the same as the interest of U.S. workers because American firms can profit from growth abroad without exporting from the U.S. and employing U.S. labor, he said.
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