This teapot was made to commemorate the restoration of tie between Chin and the US after the first ever visit of an American president, President Nixon, to China in 1972. The visit was the result of an sport exchange of table tennis players between the 2 countries. This was known as the pingpong diplomacy where China used the campaign effectively to develop ties with western countries through exchange of table tennis players during the 70s.
These teapots were made by many potters, some were craftsmasters of the time. This particular one happened to be made by Li Pifang.