This not only demonstrates the President's economic ignorance, it is an example of what most people don't understand about modern global economics. Don't think for a moment that "slave labor" is the reason China can outperform us in manufacturing. They are still for the large part a third world nation do to generations of building a workers paradise. The majority of their population are the poorest of poor by our standards (though not necessarily less educated) and they voluntarily stand in lines by the thousands just to build you a smart phone for $17.00 a day.
Trying to duplicate the logistics for comparable mass manufacturing in the US is most unlikely. All the union provisions, labor laws, regulations and human resource / education limitations have resulted in manufacturing flight from the mainland.
"When Barack Obama joined Silicon Valley’s top luminaries for dinner in California last February, each guest was asked to come with a question for the president.
But as Steven P. Jobs of Apple spoke, President Obama interrupted with an inquiry of his own: what would it take to make iPhones in the United States?"
http://www.nytimes.com/2012/01/22/business/apple-america-and-a-squeezed-middle-class.html?_r=2&pagewanted=all