working paper s e r i n u m b w p 0 5 1 t 2 7 a c h v g o d 3 6 9 l 8 f x the us trade de cit disaggregated perspective catherine mann and katharina plück has been senior fellow at institute for international economics since 1997 previously she served as assistant director of finance division federal reserve board governors economist on president council economic advisers white house adviser to chief world bank is author or coauthor high technology globalization in america forthcoming apec