In The Economist's article on the new face of globalisation (sub req'd) there's one hell of interesting chart (if you think charts can be called interesting, you're an economist):

Simply eyeballing the chart leads to what should be an obvious conclusion - China's share of America's growing trade deficit has been, at the very best, a constant proportion of about 25% of the deficit. In quantum terms, China is about $200 billion of the $800 billion deficit, whereas 5 years ago it was around $100 billion of a $400 billion deficit. Where's the rest coming from?

Seen the price of oil lately?

But it's not so easy to bash the Saudis (with a currency linked to the US dollar), the Russians, the Norwegians and the rest of OPEC.