Re: "We’re not going to bring it back until there’s a fair rate."
The USA has realised it. That's why they tax US Citizens and Companies at US rates on their Global earnings/income.
There are many former Americans who got fed up with having to submit a Federal Tax return every year even though in some cases they'd not set foot on US Soil for decades.
As for the foreign earnings of companies. Even though they may have paid whatever local tax is due on theie earnings (good rate or bad rate) if they send that money to the USA it is taxed again. Even if there are reciprocal agreements between the countries, there is still some tax due. US Tax is 40%, UK corporation Tax is around 20%. Take money from the UK to the USA and you have another 20% tax to pay.
These are the sort of reasons why companies like apple keep stashes of money all around the world and not in the USA.
US Tax law is a PITA even for individuals. We might complain at ours but at least things like Lottery and Premium Bond winnings are tax free. In the US? Forget it. Uncle Sam wants his cut no matter what.