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.

The report suggests Trump could adopt a flat 10 per cent tariff across the board on all imports and raise tariffs on Chinese goods slightly higher to 20 per cent.

In the days before President Donald Trump suddenly paused most of the punishing tariffs on foreign countries he had revealed in early April, more than a dozen congressional lawmakers were tied to thousands of dollars’ worth of stock transactions,