I want to expand a bit on "value-added" point, and link it to macroeconomics ...
But it raises a puzzle. U.S. firms design something like 50% of the world chips, and China imports ~ $300 in chips, so why are U.S. chip exports to China and HK under $15b rather than $150b?
Some US firms only design the chips; they don't make them. They generally subcontract to Taiwanese and Korean fabs these days. US firms get the design profits (probably booked in a tax center) but the U.S. doesn't get the manufacturing value-add.
and the US has a "make it abroad" corporate tax policy in a lot of ways
that also raises the bilateral deficit with China.
My more than two cents