So your statement that, “More than ever in U.S. history, U.S. exports depend on U.S. imports and (outside of the farm sector) the most profitable U.S. companies are also those most reliant on the importation of inputs,” points to the fact that it is just plain cheaper for US companies to make components abroad than in the US. This apparently will not change anytime soon; even on a bad day, US workers will not care to compete with workers in Vietnam, or anywhere else, that make between $50 and $70 a month, which is even less than many workers in China. Wages in “emerging markets” are rising overall, but there’s still a way to go until a “level playing field” is reached. Furthermore, the demand stimulated by rising wages, at least in China, is mostly meant for domestic products, not “Made in the USA.” Perhaps this development might ultimately lead to a decrease in the trade deficit; however this hasn’t yet happened in any significant way, but it will be interesting to see what the unintended consequences might be.