I'm a believer in what Milton Friedman expounded:

"Inflation is always and everywhere a monetary phenomenon."

What is important in the long run is whether the supply of money increases more than the supply of goods and services. We have been indoctrinated by the govermnent statistics to accept a measure of the increase in the cost of consumer goods as defining inflation. I say that price increases are a result of inflation, not the cause. But... there's a time delay. The monetary inflation the Fed is intentionally creating today will eventually result in price inflation. It may take months to years, but it is inevitable.

I don't think the concern about our consumers benefiting from goods produced elsewhere because another country can make them more efficiently is well founded. I suspect that "cheap labor" in the far east has benefited the US greatly over the past years; however, that's a short term benefit and it delays the ultimate production of price inflation that has to eventually result from our monetary inflation. I know it's a cold-hearted point of view but in the long run, goods will be produced where where the labor market and technology can best produce them. Basically I believe in the efficient market theory. Things change. Wage levels may increase in time and make a different location more efficient for certain products. Over the long haul though, the efficient market will make those decisions much more effectively than can politicians.