First, show me the specifics on exactly how a 20% tariff would balance the budget. Second, a 20% tariff on all imports would raise the prices dramatically for the consumer immediately. Third, what would be the impact on our exports to other countries that would probably reciprocate.
Simple math: current imports are $2Trillion. 20% is $400Billion. Countries can’t retaliate because they already charge our exports to them. Prices would go up for durable goods and imported services. That is good thing. The increased margin is the whole point to promote domestic industry. When more domestic sources come online prices will stabilize. Competition works inside the USA also.