There's always inflation. If we don't have at least some inflation, that usually means there's a big problem on the horizon. It's just a matter of how much inflation and what the balance is among the entire PCE/CPI. Some things go up, some things go down, but it usually nets around 2-3%. The "current events" things are not anything new; they've been around for years and yet we are still under 3% inflation. Trump threatened tariffs in 2016; they didn't amount to any spike in inflation from 2017-2020.
There's recency bias in the market right now. People are scared that the slightest little thing will lead to 8% inflation again, because we haven't had that type of inflation in over 40 years (and the inflation in the 70's and early 80's was higher than 8%). What people forget is that what drove most of that inflation in 2021-2023 was supply, not demand.
The reality is that the Fed didn't start raising interest rates until inflation got to almost 8%; they're not going to raise rates if inflation crosses back over 3%. The Fed has said that current rates are "restrictive", and as I've learned the hard way, don't fight the Fed.