No, it's not. This is taking from the working class and giving to the rich. The idea, as I understand it, is to have more taxes paid by those who import stuff thus lowering income taxes. Income taxes are disproportionately paid by the rich. Any cut to income taxes thus disproportionately benefit the rich. Now the rich do import goods, but the cost is largely a big 'meh' to them. And the great mass of imports is cheap stuff made in China, Indonesia, Vietnam, India, Mexico, etc. Cheap toys, tools, cars, appliances, etc. The tariffs are going to hit all of that and will be no 'meh' to the working class or even the middle class.
If you slap a 50% tax on something that's not, as Liesman said on CNBC going to discourage purchase, it's basically shutting down that trade. That will mean more products are made in the US, but they will cost more. Not just because it costs more to make things in the US but because American companies will be able to largely ignore foreign competition. Historically, see how crappy US cars were until Japanese and then German cars began to export to the US. People were amazed at how they actually worked and didn't need constant repairs and lasted so long.
So Americans will have to pay more for their toys, their cars, their dishes, their appliances, computers, cell phones, clothing, hell, even their plastic trash cans. The rich won't care. The drop in their taxes will more than make up for it. Not so for the working classes.