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.

While Donald Trump's wide-ranging taxes on imports face scrutiny in court, he has touted a new "deal" with China that will see tariffs against the country remain at historic levels. Here's what it will mean for you.