My assumption is that Americans will have less money to spend on all goods.
They will spend the same amount but get less product.
That's called a lower standard of living.
The tariff will balance the budget
Which tariff?
balance trade deficits,
Why do we need to do that?
secure the dollar
Huh?
and increase buying power.
"They will spend the same amount but get less product"
You're contradicting yourself in the same paragraph.
It is called inflation. Consumption taxes are better than income taxes. Tariff being the premier consumption tax. We have to pay the piper now, to wait means to lose everything; But Free Traders can't see that. No instead they will run the USA into the ground and start GD II followed by full blown socialism. I didn't say repatriation of industry and ending insane Free Trade(de industrialization) would be painless.
PS: Balancing the trade deficit will strengthen the dollar so imports will eventually cost less over time. It will take a while to correct the damage that globalist anti American trade policies have done to the USA. There will be pain.