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.

US stocks edged higher on Tuesday as renewed US-China trade talks entered their second day after an upbeat initial meeting. Both the S&P 500 and Nasdaq are now within striking distance of their all-time closing highs — 6,

In addition to inflation and US-China trade, a key bond auction is on investors' radar. A $22 billion sale of 30-year bonds is scheduled for Thursday.