President Donald Trump's tariffs could lead to a temporary surge in economic activity followed by a summer slowdown, according to Federal Reserve Bank of Chicago President Austan Goolsbee. Business owners and CEOs are preparing for the impact by stocking up on inventory, while some American consumers are panic-buying big-ticket items. Goolsbee, speaking on CBS's "Face The Nation" on Sunday, highlighted that businesses are particularly proactive in preemptive purchasing. "We've heard a lot about preemptive building-up of inventories that could last 60 to 90 days, if there is more uncertainty," he said. This stockpiling, especially in sectors like the auto industry, is likely to create an "artificially high" level of economic activity in the short term, he explained. For example, companies and consumers are accelerating purchases to avoid higher costs. "Activity might look artificially high initially, and by the summer, it might fall off because people have already bought everything," Goolsbee suggested. The reasoning is simple: many car parts, electronic components, and other big-ticket consumer items are manufactured in China, which currently faces a 145% total tariff rate on goods imported to the United States. The tariffs on goods from other countries are currently on a 90-day pause, with a 10% baseline rate applying across the board. This pause is set to expire on July 9, and Trump is planning a series of rate negotiations with foreign leaders leading up to that date. "We don't know what the tariffs will look like 90 days from now," Goolsbee noted, emphasizing the ongoing uncertainty. For U.S. business owners who rely on goods manufactured in China, the financial strain is already significant. Matt Rollens, the owner and CEO of Dragon Glassware, a novelty drinkware company based in Granite Bay, California, is temporarily holding his products in China to avoid the 145% tariff. If he were to pay this levy, he would have to raise consumer prices by at least 50%, which he believes would drastically reduce customer demand. Rollens currently has enough inventory to last until June and is hopeful that the tariffs will be rolled back by then, he told CNBC Make It on April 11. Despite the short-term challenges and uncertainties, Goolsbee remains optimistic about the country's longer-term economic prospects. "The hard data coming into April was pretty good. The unemployment rate was steady at full employment, and inflation was coming down," he said. However, he acknowledged the public's concern about returning to the high inflation rates seen in 2021 and 2022, which were a significant economic strain. In the meantime, financial experts like Goolsbee advise businesses and consumers to stay informed and prepare for potential volatility. Access to expert insights, such as those from CNBC Pro, can be invaluable in navigating uncertain markets. CNBC Pro is inviting subscribers to attend a special inaugural event, CNBC Pro LIVE, at the historic New York Stock Exchange on June 12. The event will feature interactive clinics led by industry experts and a special edition of Pro Talks, providing opportunities to network and gain a deeper understanding of the economic landscape. Tickets are limited, so securing a spot is recommended for those interested in staying ahead of market trends.