Until we cut or eliminate business taxes and most or all Federal regulationss, and truly bring the unemployment rate down
While that might help a little, it's not the real problem. You could eliminate all taxes and regulations and still wouldn't be able to compete against China with people working for $2 a day. And they still have 200 million more people working in the fields for half of that who would love to come in to a factory job.
And you wouldn't really want to eliminate all regulations. You wouldn't want to pollute America the way China has polluted their country. And a responsible buyer wouldn't buy from China until they cleaned up their act. Because they aren't just polluting their own country. They pollution goes into the air and into the oceans.
And you wouldn't want to remove workplace safety protections. When a worker is injured in China they don't complain because there are a million people waiting in line to take their job.
Companies claim they are leaving because of taxes and regulations, because none of those companies are stupid enough to say, "We're leaving to take advantage of cheap labor, but we still are going to sell into the American market."
But I will grant you that the average effective import tariff of 1% is far less than the 10%+ taxes that a domestic producer would pay in employment taxes. So we've created a built in tax incentive to off-shore.
At the very least we should raise the import tariffs to be equal to domestic producer taxes + the cost of supporting the unemployed. And that's just to equal the playing field, before providing any real protection to American industry and workers.