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.

China’s trade surplus soared to a record last year, driven by strong exports that boosted the economy but may soon be threatened by the incoming Trump administration.

China's trade surplus grew to $104.84 billion in December, as exports rose faster than expected, according to official customs data released on Monday. Chinese factories rushed to complete orders ahead of higher tariffs threatened by President-elect Donald Trump.