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.

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.

President Donald Trump is hailing the latest trade framework with China as a game-changing breakthrough. Yet the deal he touted Wednesday represents little more than a reset back to earlier terms — and even that came at a cost.