H1B should be suspended and current visa holders given 90 days to leave the US.
That's a little extreme in my opinion. Do you work in IT? I have for 30+ years and I've seen a lot of changes that have led to the current situation, and in fact I saw the writing on the wall in the late 90s for programmers and shifted my focus to project management. Expelling current visa holders would bring much of the commerce to a halt in this country very quickly.
I would much rather see companies incentivised to more rigorously look for domestic talent or train legal citizens/residents to fill open positions before they are allowed to use the H1B program to staff. Also, these IT giants with billions of dollars in their reserves should be incentivised to fund schools and training facilities to create a generation of home grown IT talent. I suspect any directive from the president will have this long term goal in mind.