By definition domestically produced goods and services are not tariffed. Not every good and service that we buy is imported - not yet thankfully. The USA imports $2.7 Trillion in goods and services every year FROM FOREIGN COUNTRIES. A 20% tariffs raises $540 Billion and balances the budget tomorrow.
Only if people keep buying the same stuff after the price goes up 20%. Tariffs are like taxes - they are ultimately paid by the consumer. If the tariff raises $540 Billion dollars, that's $540 Billion dollars that came out of our pockets.
Here’s another complication with tariffs. Domestic manufacturing competitors of the overseas low-baller, can use the implementation of the tariff to boost their selling price by the same amount as the new tariff. They thereby signal that the tariff won’t be received by them as an advantage to boost sales and hiring, but as a way to simply extract government-mandated profits.
“A 20% tariffs raises $540 Billion and balances the budget tomorrow.”
If your goal is to use tariffs as the stick to get manufacturing to come back to the US, then isn’t your balanced budget short lived?