Trade deficits - the unseen factors

I've always contended that the trade deficit is far too simple a metric to view the balance of trade.  American companies operating in China (for example) export product back to America, but some significant portion of the profits are actually going to those American companies.  Fox Business talked about that, and while in my view it's still to simplistic and does factor in things like the portion of the financial transaction that remains abroad, becomes part of the foreign GDP, is taxed abroad, or even the impact of offshored jobs, it's good a step in the right direction. It helps in showing the real balance of trade.