Since when do you conservatives like the revenues from taxes? Here's an idea: don't raise taxes on consumers -- raise them on billionaires.
Tariffs are higher tariffs on individuals, not lower. They generally do not increase domestic production, and in this case they will not because we don't even have domestic production of lots of these goods.
Basically, here's what will happen with tariffs. The American trade deficits with other countries will decline. But that will not be because we sell any more; it will just be that we consume less. It will make us poorer, which is what the negative GDP growth coming down the pipe is going to show. The economy will shrink until the trade deficits level out.
But then there's the next problem, which is the budget deficit. The smaller economy is going to have dramatically lower tax collections, driving the federal deficit up even higher. But sovereign debt causes trade deficits, so we will enter a vicious cycle: the trade deficits will shrink our economy, which will increase the trade deficit, which will then decline by shrinking the economy some more, etc.
There is a non-zero chance of a Great Depression level collapse. It won't last as long as the Depression but the possibility of an economic collapse is positive. Hopefully not very high, but non-zero. It depends in large measure on Congress' budget gimmick.
If they push through the tax cuts pretending they don't cost anything -- when in reality they will cost $500B a year -- along with these tariffs and decreased tax enforcement, we could be seeing a debt spike like nothing we've ever seen.