One of the reasons so many companies moved overseas, besides fewer regulation, cheaper nonunion labor overseas was the lopsided trade laws between the USA and other countries. Almost all others countries had higher tarriffs than the USA. These higher overseas tariffs, protected overseas American companies, from competition in the USA. If you moved to China, built a factory, and hired Chinese workers, you are under their advantageous trade wing. At the same time, with American tariffs very low or nonexistent, they could sell back to the USA, cheaper, and further gain market share. Apple is a $trillion company.
Trump messed that up when he wanted to create fair trade; equal tariffs and trade rules for all countries. Either they come down or we go up. Fair can happen many ways. If all countries had the same tariff rates and trade rules, there is less incentive to go overseas, for protectionism, or better selling margins.
Trump is also working on decreasing regulations, which makes staying in the USA more attractive. Trump is not touching higher US labor cost, but rather blue color has seen an increase in wages. Trump plans to make up the labor difference in other ways. If we secure the border and can control immigration, legally, we can have a well planned migrate labor pool, that is all legal and counted and therefore adjustable to the ebb and slow of the business cycles.
One of the reasons only a modest amount of companies appear to be returning to the USA, is building a factory in the US, is met with foot dragging, by all types of zoning and environmental regulation enthusiasts. This can delay building for 10 years or more. Many companies are still in the bureaucratic limbo cycle unable to build just yet.
Trump started to deal with this by proposing streamlining the building rules for infrastructure, so these things can happen faster and therefore cheaper. Instead of being able to ties something up in court for a decade or more, you would have two years to prove your case. Then you needed to get out of the way. This change will also apply to new businesses and businesses coming home, with factories appearing much sooner. In Trump's second term, the numbers of factories will appear like weeds.
The labor needs will be higher, so finishing the border wall to regulate the migrant worker pool will have priority. In the mean time, wages will continue to rise for the America worker, which will reduce the size of the welfare outlay. The national debt and government size, will then need to be addressed. This is second term.