Wow, 'correcting inflated salaries' is a good thing? So much for the labor movement fighting for improved wages for hundreds of years. Yeah, lets just trash those hard fought gains for the benefit of the bottom line of multinational corporations.
Fair trade is easy to define. Adjust tarrifs to reward or penalize a particular country's products based on things like wages, environmental regulations, subsidies and taxes.
What is the good of having child labor laws and minumum wages in this country if they can be undercut by allowing companies to exploit third world countries and their citizens and then ship those items here with a lesser tax burden than what a domestic company would pay to produce the same item domestically.
You can't have your cake and eat it too. Despite the treasonous trade policies of the past several decades the solution is simple. Tax foriegn products appropriatly. For example there is no reason to have any tarrifs on imports from germany but imports from mexico or china would be another story.