Los riesgos latentes de las políticas de tarifas de Trump: una perspectiva contraria sobre la Trumponomics

The resurgence of protectionist trade policies under Trump's 2025 tariff regime has sparked a heated debate among investors and economists. While proponents argue these measures bolster domestic industries and reduce trade deficits, a closer examination reveals systemic risks that could undermine long-term economic and investment stability. This article unpacks the hidden costs of Trump's "America First" trade strategy, drawing on empirical data and institutional insights to highlight why investors must tread cautiously.

The Tariff Tsunami: A Double-Edged Sword

Trump's 2025 tariffs-ranging from 50% on steel and aluminum to sector-specific levies on China, Canada, and emerging markets-have reshaped global trade dynamics. According to a report by Bloomberg Economics, these tariffs are projected to shrink U.S. GDP by 0.15% and raise consumer prices by 0.1% over three years. While domestic steel producers have seen short-term gains, downstream industries like automotive and construction face margin pressures. The Peterson Institute for International Economics estimates that the 2018 steel tariffs cost taxpayers over $900,000 per job saved, underscoring the regressive nature of protectionism.

The fiscal benefits of tariffs-$195 billion in Treasury revenue in fiscal year 2025 according to budget research-are offset by broader economic costs. The Penn Wharton Budget Model (PWBM) warns that Trump's tariffs could reduce long-run U.S. GDP by 6% and wages by 5%, with middle-income households facing a $22,000 lifetime loss according to PWBM analysis. These figures highlight a critical trade-off: while tariffs generate immediate revenue, they erode productivity and innovation by distorting global supply chains.

Systemic Risks in Global Capital Markets

The ripple effects of Trump's tariffs extend beyond trade balances. Institutional investors are recalibrating portfolios to mitigate risks from trade policy uncertainty. BlackRock's Q4 2025 report notes that defensive sectors like healthcare and utilities have gained favor, while tech and industrials face heightened volatility according to Morgan Stanley analysis. Small-cap U.S. companies, with their domestic focus, are seen as relative safe havens according to the Tax Policy Center.

Emerging markets are particularly vulnerable. A J.P. Morgan analysis reveals that U.S. sector-specific tariffs on India, Brazil, and other EM economies triggered yield volatility in Q3 2025. While EM debt markets recorded positive returns due to currency gains and liquidity inflows, country-specific stress remains acute. For example, India's 50% tariff on Russian oil imports has strained its trade relations and fiscal position according to SSGA commentary.

The U.S. dollar's trajectory also remains uncertain. Contrary to theoretical expectations, the dollar weakened in 2025 despite tariff-driven trade tensions, suggesting other factors-like global de-dollarization trends-are at play according to JPMorgan research. This undermines the U.S.'s exorbitant privilege of low borrowing costs, a risk highlighted by the Monetary Policy Institute according to their analysis.

Contrarian Arguments: Do Tariffs Deliver?

Supporters of Trump's policies cite historical precedents, such as 19th-century U.S. protectionism that nurtured industries like steel and railroads according to Thomson Reuters. However, modern economic analyses challenge this narrative. The Cato Institute argues that 19th-century industrial growth was driven by abundant natural resources and population growth, not tariffs alone. Similarly, the 2025 U.S.-China trade truce, while temporarily easing tensions, has not resolved the structural issues of protectionism according to InterEconomics analysis.

Moreover, the long-term benefits of tariffs are often overstated. A State Street paper emphasizes that protectionism limits access to advanced technologies and stifles innovation. For instance, U.S. manufacturers now face higher input costs for clean-energy inputs, undermining the green transition according to the Wall Journal.

Investment Implications: Navigating the New Normal

For investors, the key takeaway is to prioritize resilience over short-term gains. BTS Asset Management's Q4 2025 report recommends rotating into value-driven equity allocations to hedge against tariff-driven inflation and AI stock volatility. Diversification into non-correlated assets like gold and inflation-protected securities is also critical.

Fixed-income investors must contend with wider credit spreads in trade-exposed sectors. Natixis' 2025 Institutional Outlook advises increasing allocations to high-yield bonds and government securities to balance risk. Meanwhile, the Federal Reserve's delayed rate-cutting cycle-linked to tariff uncertainty-supports the "higher for longer" narrative.

Conclusion: A Contrarian Call for Caution

Trump's tariff policies, while politically expedient, pose significant long-term risks to global economic stability and investment returns. The regressive costs on consumers, the erosion of supply chain efficiency, and the geopolitical fragmentation of trade alliances all point to a fragile equilibrium. Investors must remain vigilant, favoring strategies that adapt to a world where protectionism is the norm rather than the exception. As the PWBM aptly notes, the true cost of tariffs is not just in today's headlines but in the compounding losses of tomorrow's growth according to PWBM analysis.