Negotiations to resolve the Sino-American trade conflict have so far centered on soybeans, natural gas, and an assortment of commodities and manufactured goods. Yet, an increasingly important component of US and global trade is scarcely mentioned: services. Though the US runs a persistently large trade deficit in goods, it maintains sizeable bilateral services surpluses with many of its leading trade partners, including China. In real (inflation-adjusted) terms, the overall US services surplus increased by 145% between 2000 and 2016, and services now account for around 70% of US GDP and 71% of US employment, far ... (full story)