Apple's iPhone And The Fall In The US Trade Deficit Explained

To any reasonable real world approximation Apple's 40% margin on global iPhone sales is an export from the US. We don't though include it in our calculation of the trade deficit thus we overstate that very trade deficit.

from Forbes Real Time http://www.forbes.com/sites/timworstall/2017/08/04/apples-iphone-and-the-fall-in-the-us-trade-deficit-explained/
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