When he was president, Donald Trump noted that in 2017, the USA had a trade deficit of almost $350 billion with China. (That means the dollar value of goods and services China sold to the USA was about $350 billion more than the value of goods and services U.S. companies sold to China.) In response, Trump said that this meant that the USA "lost $350 billion dollars in trading with China."

Was his statement correct? Did U.S. firms lose money by selling to China? If true, explain. If not true, explain.