La explosión de la inflación en los aranceles: Preparándonos para el shock del IPC en 2026

The U.S. economy is poised for a significant inflationary jolt in 2026, driven by the full pass-through of tariffs imposed over the past two years. As businesses exhaust pre-tariff inventory buffers and shift costs to consumers, goods inflation is expected to push the overall CPI to 2.7% in 2026, up from 2.6% in 2025. This surge, though temporary, will test the Federal Reserve's ability to balance price stability with growth, while investors face a critical question: How to position portfolios to withstand-and potentially profit from-this CPI shock.

The Mechanics of Tariff-Driven Inflation

Tariffs act as a tax on imports, raising the cost of goods and services. By mid-2026, the average effective tariff rate on imported goods is projected to reach 14.4%, up from 2.4% in 2024. This sharp increase has already begun to ripple through the economy. For instance, the retail price of imported goods rose 5.4% above pre-tariff trends in 2025, with domestic goods in import-intensive sectors rising by 3%. However, only about 20% of these costs have reached consumers so far, as manufacturers and wholesalers absorb the rest to avoid demand erosion. This delayed pass-through suggests that the inflationary peak-likely in Q1 2026-will be followed by a gradual subsiding of pressures.

Yet, the Federal Reserve's task is complicated by offsetting forces. Energy prices, which averaged $68.40 per barrel in July 2026, are expected to fall to $61.50 by year-end, while shelter inflation, a key component of CPI, is projected to decline from 3.8% to 3.0%. These factors may temper the overall inflationary impact, but they do not negate the need for proactive portfolio adjustments.

Strategic Positioning: Inflation-Resistant Assets

To navigate this environment, investors should prioritize assets that historically perform well during inflationary shocks.

1. Treasury Inflation-Protected Securities (TIPS)
TIPS are designed to hedge against inflation by adjusting principal values in line with the CPI. Over the past 30 years, the iShares TIPS Bond ETF (TIP) has delivered a 4.98% compound annual return after inflation, with moderate volatility (5.86% standard deviation). While TIPS may not offer the highest returns in a low-inflation world, their real yield protection makes them indispensable in a CPI-driven shock.

2. Gold: A Timeless Hedge
Gold has historically thrived during periods of trade policy uncertainty. In 2025, as tariffs pushed inflation higher, gold prices surged to $3,000 per ounce, driven by de-dollarization trends and geopolitical tensions. Central bank demand and systemic risks further support its case as a portfolio hedge. During the 2018–2020 tariff cycle, gold outperformed equities and bonds, underscoring its role as a safe haven in volatile times.

3. Real Estate: A Mixed Bag
Real estate's performance during tariff-driven inflation depends on the era. The Smoot-Hawley Tariff Act of 1930, which raised duties to 45%, coincided with a 65% collapse in global trade and a severe real estate slump. In contrast, the 2018–2020 tariffs had a muted impact, with housing prices continuing to rise despite trade tensions. However, 2026's real estate outlook is clouded by elevated interest rates and borrowing costs, which could pressure commercial property valuations. Residential real estate may remain resilient, but investors should favor core markets with strong rental demand.

4. Alternatives and Active Management
Hedge funds, commodities, and low-volatility equities offer additional diversification. Vanguard notes that companies will eventually pass tariff costs to consumers, but active management can identify sectors least exposed to trade policy shocks. For example, defensive sectors like utilities and healthcare have historically outperformed during inflationary periods.

Lessons from History

The 2025 tariff surge mirrors the 2018–2020 period, where equities initially fell but later rebounded as companies adjusted supply chains according to research. However, the 2026 shock is more severe, with tariffs reaching levels not seen since 1909. Investors should avoid speculative bets and instead focus on capital preservation strategies, such as fixed-income allocations and cash equivalents.

Conclusion

The 2026 CPI shock, while temporary, demands a disciplined approach. By overweighting TIPS, gold, and defensive equities while cautiously navigating real estate, investors can mitigate inflationary risks and position for long-term resilience. As the Federal Reserve navigates this complex landscape, proactive portfolio adjustments will be the key to outperforming the CPI surge.