Wartime government controls on the economy were dismantled. \n \n The US got out of the shipping business; the US Shipping Board was authorized to dispose of much of the country's hastily built wartime fleet \n \n Harding hosted the "Disarmament Conference" in 1921-22 with all the major naval powers (except Russia). Its agenda included naval disarmament and concerns over the Anglo-American rivalry over the seas in the Far East. \n \n At the conference, they created the Five-Power Naval Treaty, which said that American, British, and Japanese battleships would exist in a 5-5-3 ratio. \n \n The Four-Power Treaty, replacing the Anglo-Japanese alliance, bound Britain, the US, France, and Japan to preserve the status quo in the Pacific. \n \n The Nine-Power Treaty: Signatories agreed to abide by the Open Door Policy in China \n \n Still, there were no restrictions placed on small warships. World powers, besides the US, continued to build submarines, cruisers, and destroyers.