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.

U.S.-China trade talks this week, however, confirmed this was a miscalculation.

Under the terms of the UK-US pact, Trump agreed to cut a 27.5 per cent tariff on cars to 10 per cent for the first 100,000 vehicles shipped from the UK, in a move that was widely welcomed by auto grou...

President Donald Trump has set off a fresh round of worrying about his approach toward the Federal Reserve with his statement that his pick for the next Fed chair is “coming out very soon.”