Things are about to get interesting.

The chart depicts U.S. imports and exports since June of 2023. Imports surged starting in December 2024 through March of 2025, and clearly there was some hedging going on, with some betting on an increase in tariffs. Inflation has thus far been slightly elevated, but tame. As companies work through these inventories, we could see a marked increase in prices.

Like I said, things are about to get interesting.