If the US is going to run a few hundred Million dollar trade deficit per year, why not turn Brasil, Argentina and Mexico into the beneficiaries. Make South and Central America the factories of the world. Ancillary industries (parts, supplies, raw materials) can be located in smaller nearby countries. Let those economies boom feeding US consumer demand, and the immigration issue will subside.
Use trade as a tool of foreign policy, to develop and strengthen South/Central America improve relations, strengthen democracy, improve living standards and solve the immigration issue. The China economic miracle has been great for reducing poverty (China recently declared no more absolute poverty in China). Time to move on and redirect.