China Exports Inflation
If you look at U.S. import price statistics, you can see that between December 2003 and December 2006, the price of imports from China fell by 2.7%. But in the 12 months between December 2006 and December 2007, they rose 2.4%. And considering that both domestic inflation and the rate of yuan appreciation have accelerated (The combined effect of which is a rising real exchange rate), it seems clear that they will rise a lot more than that in 2008.
The rapid increase in the real exchange rate in China will of course also help provide continued support for the commodity price boom, which will also create upward pressure on inflation in America and elsewhere.