That’s exactly the way to judge it. Perot said it best: “The first question should be ‘Is it good for America?’”.
Adam Smith said it best:
No regulation of commerce can increase the quantity of industry in any society. It can only divert a part of it int a direction into which it might not otherwise have gone.
A nation may import to a greater value that in exports for half a century, even the debts too which it contracts in the principal nations with whom it deals may be increasing, and yet its real wealth, the exchangeable value of the annual produce of its lands and labour, may during the same period, have been increasing in much greater proportion.