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The Institute for Supply Management’s gauge of prices paid for manufacturing inputs jumped 11.5 points to 70.5, the highest level since overall inflation peaked nearly four years ago.

“One of the things in this industry is that there’s always uncertainties,” Krista Swanson, chief economist at the National Corn Growers Association, said in an interview.

The most immediate impact from the escalating Middle East conflict is through market reaction as investors take flight to safe havens such as the dollar and gold, while stocks slump.

Thousands of companies are angling for refunds on President Donald Trump’s tariffs, many of which were ruled unconstitutional Feb. 20. Now some retail customers are joining the scrum.

The justices were silent on the refund question, leaving questions of payback to the New York-based U.S. Court of International Trade. No one expects a speedy resolution.

Logistics giant FedEx said in a Feb. 26 statement that it will return any tariff refund it might get to shippers and customers who paid them.

The threat of rising truck prices earned a reprieve after the Supreme Court struck down key tariffs under the Trump administration, but uncertainty remains for manufacturers and buyers alike.

After the Supreme Court struck down President Trump’s global tariffs, transportation firms face uncertainty over whether and how billions in collected duties will be refunded.

CEO Noel Hacegaba told reporters that the Port of Long Beach was the most active port in the U.S. last month, beating its Southern California neighbor, the Port of Los Angeles.

President Trump will sign a directive in the coming days raising his global tariff to 15% “where appropriate” and is seeking “continuity” with nations that struck trade deals, an official said.