Pascal Lamy puts the trade balance between US and China in perspective. Trade data is measured in terms of gross commercial value instead of in value-added terms. That's not to say that the rest of Asia does not have a huge export dependency on the US, certainly those other parts of a high tech product that were to be assembled in China likely had components that came from South Korea, Japan, Taiwan and etc. Lamy's point, however, is that wrongly attributing the burden of the trade imbalance to one country, however, inflames rhetoric and gives rise to an "us" versus "them" mentality.

Quote from Lamy:

Different means of calculating trade is relevant well beyond the US and China. Thinking about trade in value-added terms can take us beyond the politics of bilateral trade balances. Seen this way, trade shifts from a one-to-one balance into a network of value-added chains, where interdependence dominates and everyone can win. Most importantly, it will help policymakers, and their populations, see the need for stronger multilateral trade co-operation – and the global growth and jobs they can bring.