Well, the worst I feared seems to be materializing. The Democrats will control the Congress, thus removing any barrier to destructive economic legislation, including ill-timed tax increases, while the president moves ahead to reimpose predatory regulations. If I were a believer I would probably resort to prayer.
Some good things that Biden could do quickly:
Revert to the better (though imperfect) immigration system that preceded Trump. This is possible. [The Democrats could now reform the whole system if they wanted to, to one more attuned to economic rationality - but, then again, they could have done this anytime in the past decades.]
Remove the Trump tariffs on imported goods like steel and aluminum. This is unlikely. The Democrats are not free traders and will not want to risk the wrath of workers in these industries. If they were honest they would say this was one policy on which they agreed with Trump.
Having difficulty seeing the silver lining.
We can only act on what we can control, and should not act to make things worse. Foreign export subsidies benefit domestic consumers (more than they hurt domestic producers) and foreign import tariffs are beyond our control. They are expensive for the foreign country and self-defeating in the end. They cannot help China permanently gain a productive advantage.
How much leverage on this do tariffs on raw materials really give us (Americans)? More specifically directed measures - like on tech products, some already in place - might be preferable don't you think? Also, to the extent that the IP is stolen from private companies, this would appear to be similar to piracy - a cost internalized by the companies, provoking them to provide their own remedies.
Manchin has extraordinary leverage. If he were to cross the isle he would not affect his support in the predominantly Republican state (his support rests on coal) and this would destroy the D majority in the senate. So he can afford to vote against abolishing the filibuster, packing the SC, turning DC and Puerto Rico into states and other nuclear options - and hopefully much else besides.
Supporting these policies (on immigration and trade) as Republican principles reflects a sad deterioration in the Republican party from one of economic liberalism to economic nationalism. It is why I am not a Republican (or a conservative).