U.S. President Donald Trump said his conversation with Chinese President Xi Jinping last week was friendly and he thought he could reach a trade deal with China.

Only a third of China’s trade surplus was with the United States, and only a third of the U.S. deficit was with China. That makes for tricky math for the president-elect.

The nominee for US Treasury secretary said last week that Trump would use the 2020 phase one agreement as a starting point with Beijing. Five days into the new administration, the White House announced on Friday that it was conducting a "compliance review" of what it termed the "Economic and Trade Agreement" between China and the United States.