I agree with ex-snook. The wage differential dwarfs the cost of regulation. You can eliminate all taxes and all regulations and you still can’t compete with Chinese labor rates.
If what you say were true, there wouldn't be a single manufacturer left in the United States. But there are, which proves your argument to be fallacious.
The United States has the highest capital gains tax rates in the developed world. That's a fact. That alone has been the cause of much of our manufacturing leaving these shores. Coupled with thousands of onerous federal regulations, it's done inestimable damage to the jobs situation in this country.
Attacking those things first is the conservative solution. Trade wars via tariffs might make you feel good, but they only reward government, and do nothing to entice businesses to locate their operations here.