1.Red China did not nationalize any of our industries.
2.Red China is not 90 miles offshore
3.Actually, we did not have ANY trade relationship with Red China before 1972 for the reasons you mentioned.
4. I can tell why we did NOT go to war with Iraq. It was not over oil because historically we imported no oil from Iraq and secondly none of the major oil services contracts in Iraq were awarded to US oil or oil services companies after we won the war.So, I think you may be looking at the wrong boogeyman when it comes to Iraq.
What happened to US businesses’ assets on the mainland when private companies were nationalized in 1949?