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.

After two days of negotiations, the United States and China appear hopeful about the progress they’re making on a trade deal. But let’s take a look at what actually went down this week. Both countries say they have a "framework" that basically gets trade talks back to the agreement they made in Geneva a month ago.

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.