If you really wanted to fix the US economy you'd uncouple the $ from the oil markets and let it float downward - the cost of imports would go up and exporters would earn more (and be more competitive in their domestic markets). The BTW is why China is pushing the yuan down now, because unlike Trump, they understand how this stuff works.

Trade imbalances are simply currency imbalances that haven't been allowed to find their own levels - what you can't do is have an artificially high currency (by requiring all global oil sales be made in it, creating an artificial scarcity) and not have a trade deficit - you can't have your cake and eat it too