China was still closed and outside of the trading system. The largest developing country with manufacturing exports was Taiwan. When China joined the United Nations in October 1971, Taiwan was no longer listed in the reports on world trade in manufacturers.

Investors could be starting to realize that US-China trade talks will continue to drag out, and mirror the meandering progress of the 2018-2019 dispute.

President Donald Trump and officials from China announced that they have agreed on a framework for a trade deal between the two major economic powers.