China Goods Are Less Than 3% of USA Spending

Mish schools everyone on how to analyze trade data.  What we already know is something marked made in China, most of the price relates to USA add-on costs.  But that in total, of everything that comes from China, it is only 3% of USA spending.

People calling for trade wars with China "to save American jobs" won't get much if they get their way.  At best, we can see that 3% made here.  What we would lose, is our exports to China.

If USA was a free market, what we would see is exports rise, as the pie got bigger, as the innovators and conservators did their thing extending the division of labor.