Developing countries now produce nearly half of all American imports, and rising inflation is making these products more expensive. The currencies used in many developing Asian countries, like India and Vietnam, are quickly appreciating. Many common imports, like electronics and fabrics, may face price hikes as a result. This may be sooner than later as inflation continues to increase at a rapid rate. Unfortunately, it comes at a time when consumers are already feeling the heat from rising domestic prices.

From the New York Times:
The free ride for American consumers is ending. For two generations, Americans have imported goods produced ever more cheaply from a succession of low-wage countries — first Japan and Korea, then China, and now increasingly places like Vietnam and India. But mounting inflation in the developing world, especially Asia, is threatening that arrangement, and not just in China, where rising energy and labor costs have already made exports to the United States more expensive, but in the lower-cost alternatives to China, too.