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 stock markets dropped on Wednesday despite a seemingly positive development in the trade war between the U.S. and China alongside a better-than-expected inflation report for May. The S&P 500 dipped 0.27%, the Nasdaq fell 0.50%, and the Dow Jones closed the day essentially flat.

Asian stocks rose Wednesday, having opened on a cautiously optimistic note after Chinese and U.S. negotiators reached a framework aimed at putting their trade truce back on track.