Even by your arguments, that high tariffs would bring back jobs from China, this would leave the Chinese workers unemployed, and starving to death. Whether or not higher tariffs here would prevent gross environmental damage in China is questionable.
As to risk, no problem just be 'too big to fail'.
Corporations have no problem with regulation. They even offer their expertise and campaign contributions to both sides of the aisle to ensure that said regulations in the US squash any upcoming competition.
So you argue about how regulation and tax policy are harmful, or that the risk has been shifted to the U.S. taxpayer. Those are the type of regulations and incentives that push industry overseas, and I agree that it should be ended. As Milton Friedman said, one reason that he opposed big government was because they could be co-opted by big corporations to stifle competition. That is exactly what has happened.
To repeat, even in the absence of onerous regulation, there is no way in the world any American worker can compete with neo-slaves in China who makes $.32 / hour, i.e. unless America's standard of living devolves to that of the third world.
This is the specific point that Adam Smith argues against. Our wealth, or GDP is completely dependent on what we ourselves produce.
But the annual revenue of every society is always precisely equal to the exchangeable value of the whole annual produce of its industry, or rather is precisely the same thing with that exchangeable value. As every individual, therefore, endeavours as much as he can both employ his capital in the support of domestic industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it.
The hidden costs of what is termed 'Globalisation' include the growing number of Americans who are long term unemployed, who are dependent upon some part of the government's largess for survival, and whose income is plunging.
We have high minimum wage rates, generous long term unemployment benefits, a porous border and easy welfare programs. We take profits from the industrious and give to the indolent. When the incentive is to prevent them from employing their capital (i.e. their labor), then of course the country will suffer.
It's not a zero sum game. Just because there is a rising standard of living in China, or they produce more stuff doesn't mean that we have to produce less. They are worse off because they have a much lower productivity rate there than we have here.