I need some clarification on "Made in America" [View all]

[1-Old-Man]

Can someone set me straight on this. It is my understanding that if a product is identified as "Made in America" it means that the thing was assembled in the United States with parts which were produced in the United States. It is also my understanding that if the thing was assembled in the United States but with parts that were made beyond our borders that the thing would have to be identified as "Assembled in the United States" and possibly with words to the effect that it was made with parts from elsewhere.

Is my understanding correct and if not can you tell me what if any markings are required by law and under what circumstances?