Taylor Swift sings of a summer romance that was destined not to last. It is part two of three Folklore tracks about a teenage love triangle between the characters Betty, James and an unnamed girl. This song is from the perspective of the unnamed girl, who Swift imagines being called either Augusta or Augustine; the first part, "Cardigan," is from Betty's, and the third part, "Betty," is from James'.

Swift doesn't tell us why Inez's relationship with Augusta/Augustine ended, but on the third part she explains it was because James was also seeing his regular girlfriend, Betty. However, there is a hint in the chorus when Inez admits to James, "'Cause you were never mine."