Just ride out this silly populist convulsion and we'll all be the better for it.
US companies can't compete with China when they're sending all of their production over to China. You've placed too much emphasis on ideas and not enough on actually making them, because the attitude "China can make it at lower cost."
IP laws are really what are stifling US companies. They're exhausting huge amounts of resources on building up IP portfolios for the sake of entering (or avoiding) legal battles over "I thought of that first."
You have zero chance of competing against China when you're fighting among yourselves over who gets the biggest piece of the shrinking pie.