cfr.org/blog/disaggreg…
There is no doubt there is a real and growing tourism deficit too. But the official data suggests that the bulk of the rise came in 14, which isn't all that plausible
![](https://pbs.twimg.com/media/DczRW0EUwAE3CK7.png)
and the new methodology over-counts
federalreserve.gov/econres/ifdp/f…
And to look at China's trade both relative to its own GDP and relative to the GDP of its trading partners.
![](https://pbs.twimg.com/media/DczSZ1EV4AAfZnn.png)