1.) Return the money to the country of origin via a blank check.
2.) Use the money to fund NGOs which help importers like Nike, etc. audit their foreign contract manufacturers for US level environmental regulations and labor regulations. This would reduce foreign countries from enabling arbitrage via lax regulation.
3.) Distribute the money equally to all tax paying US citizens via tax rebate or something.
I think the issue with globalization is that CEOs of multinationals are seen as the primary beneficiaries of environmental/labor arbitrage.