Ralph Gomory and William Baumol explain the difference:
More concretely, when the United States trades semiconductors for Asian t-shirts, for example, that is trade in the narrow sense. And we concur with the most basic theoretical conclusion that this exchange clearly benefits both countries. But when Intel properly pursues the interests of its shareholders by building a multi-billion dollar semiconductor plant in China rather than the United States, a shift in comparative productive capability suddenly occurs. Globalization is not simply free trade; it is trade plus shifting productivity. We have not sent China consumer goods, but the capability to produce more effectively.