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.

Investor interest in rare earth minerals is rising, a source of strength for shares in the rare earth miner MP Materials. The stock rose early on Friday after jumping late Thursday following a Bloomberg report that the Defense Department might provide additional capital to boost production.

Investors could be starting to realize that US-China trade talks will continue to drag out, and mirror the meandering progress of the 2018-2019 dispute.