DAVOS — US President Donald Trump said Friday that he would always put America first when it came to trade, but "America First" does not mean America alone.

"As President of the United States, I will always put America first... America first does not mean America alone. When the United States grows, so does the world," Trump told global business elite at the World Economic Forum.

He pledged to promote a fair and reciprocal trade system by negotiating for mutually-beneficial trade agreements.

"We cannot have free and open trade if some countries exploit the system at the expense of others. We support free trade but it needs to be fair and it needs to be reciprocal," Trump said.

"The world is experiencing the resurgence of a strong and prosperous America. America is open for business and we are competitive once again," he said.