No services, only goods. This is according to @JamesSurowiecki on Twitter, one of the first to reverse engineer the equation for how they’re coming up with the numbers. So Office, Netflix, etc wouldn’t count against the deficit.
I'm glad I read your comment because I've been wondering the whole time whether services are factored in. It's absolutely insane that the administration is ignoring the exported value of some of the biggest companies in America that all these countries are buying services from.
This is where the calculation is extremely unfair to a country like Vietnam. They export low value physical goods and import high value services like ChatGPT, engineering consultations, etc. They're getting screwed by this tariff plan.
Any tariff based on trade deficit needs to account for services.