The trade deficit and the globalization factors driving it have reduced opportunities for American jobs. Many trading partners use unfair trade practices. The government cannot effectively manage the trade imbalance with tarrifs alone.
Based on Warren Buffet's idea of an exchange of export/import credits, provide credits to exporters for each dollar exported that can be sold on an exchange to allow a equivalent dollars of goods or services to be imported. This could be phased in to effectively let imports subsidize exports until a balance is reached. Government would not need to discriminate between industries or countries using this free market approach.
Using this approach, the costs of imports would rise but exports would increase providing more jobs and prosperity for Americans.