The administration should push a new initiative to bring American jobs back home. Companies should be punished for outsourcing jobs.
The idea is to tax the companies a greater and greater amount; say 1% per 200 workers sent overseas. Companies making products for Americans should be encouraged to hire Americans to work in America by reducing their tax based on how many workers they hire.
This would begin to erode the trade deficit and nearly immediately promote job growth. The companies that are outsourcing are not, as we already know, doing it due to regulations. They are doing it due to worker pay and tax rates. This would go a long way toward alleviating both of the issues.