Actually, no. It would in theory raise $320B, while the current deficit is around $500B.
Regardless, the impact of such a tariff would be an average tax increase of about $2,500 per household, representing a reduction of economic activity of about 5%.
A 20% tariff instead of an income tax is one thing. A 20% tariff on top of an income tax is something else.
This is why it is so hard to reduce the deficit by increasing taxes of any type.
Let's see a 20% increase so the average family spends $12,000 on imported durable goods and services? Maybe.
The debate that we should be having, but seem incapable of having, is whether the temporary inflation caused by protectionist tariffs are worth the added economic activity, decreased or no trade deficits, balanced Federal budgets, much lower unemployment, less social stress and increased national security they begat. Other countries have this debate all the time but not in the USA.
Actually, I stand corrected. Imports are at about $2.75T, I saw somewhere else $1.6T, so the 20% tariff would in theory raise $550B, which would cover the current deficit.
However, my other comments apply, however the impact per household would be over $4,000, representing an economic activity reduction of about 8%.