Will there be a trade war between the world's two largest trading powers? Anxiety is spreading among business people around the world as the Trump administration takes office in the United States, with many saying a showdown with China is unavoidable and imminent.

In his inauguration speech on Friday, Donald Trump signaled no retreat from his populist agenda on trade, immigration, and on scaling back commitments overseas.

"Every decision on trade, on taxes, on immigration, on foreign affairs will be made to benefit American workers and American families. We must protect our borders from the ravages of other countries making our products, stealing our companies, and destroying our jobs," he said.