Trump's trade war has yet to have a real impact on the U.S. economy, but that is about to change.

On Thursday, retail giant Walmart announced that tariff costs are forcing the company to take action, and it will raise prices on various goods later this month and throughout the summer.

So far, Trump's tariffs have had little effect on inflation. Walmart's statement suggests that the dam is breaking, and a flood of rising prices may soon come.

UBS economist Alan Detmeister said, "If Walmart is doing this, then everyone else might do it too, even if they haven't yet, they will in the future." He and other economists expect that if current tariff levels remain stable, next year's consumer price inflation rate will rise from 2.3% in April to around 3.3%.