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I would not trade America's position in the world - our ledger, our debts and assets - for any country in the world. There isn't a country in the world even close to America.

I don't expect the U.S. and China to get into a trade war simply because I think there are good people on both sides who realize that that's not in either economy's interest.

Trade wars aren't started by countries appealing to respected, independent trade authorities. Rather, trade wars begin when one country decides to violate international trade rules to undercut another country's industries.

It's been years, decades, since a president has lost a major trade initiative. That would be bad headlines.

Almost all wars, perhaps all, are trade wars connected with some material interest. They are always disguised as sacred wars, made in the name of God, or civilization or progress. But all of them, or almost all of the wars, have been trade wars.

Third, we will make trade work for America by forging new trade agreements. And when nations cheat in trade, there will be unmistakable consequences.

Economically, unfair trade will benefit nobody in the long run, as poorer countries will be bled totally dry and will become unable to produce anything.

Ahead now, I think you'll see the big nations shrink back into their own corners of the world. I'm not saying we'll see no international trade, but it will be nothing like the conveyer belt from China to Wal-Mart that we've known the last few decades. And the prospects for conflict are very, very high.

A key U.S. initiative in this trade war must be to develop reliable trading partners in the world.

With all of its defects, the global market makes war less likely, even between the U.S.A. and China.