Based on all the articles I have read about the current geopolitical situation, I am not optimistic about the affect of the US-China trade war on American importers. Dan Harris, who wrote "the US-China Cold War start now," announced that a "mega-storm" might be coming, and he may be right. Now, if things turn out as bad as predicted, and if tariffs apply on more goods imported from China to the US -- and at higher rates -- what does it mean for US importers? … [Read more...]
Actionable Tips To Improve Sourcing From China & Develop Suppliers
Over the years, many importers have contacted me after making various mistakes, and, often, the best they can do is start things over with a new supplier, but that means a lot of wasted time, money, and energy! What if you could get years of advice about sourcing from China and developing suppliers once you've started working with them in order to avoid this scenario, but distilled into one eBook? Now you can! A few years ago, I wrote 15 articles that address sourcing from China and … [Read more...]
How to Pay Chinese Suppliers by T/T Payment (Bank Wire Transfer)
T/T stands for Telegraphic Transfer. In other words, an international wire of funds from the buyer's bank to the seller's bank. When a Chinese supplier asks for a T/T payment, what they really mean is they want a wire transfer. (Technically, a T/T is not exactly the same as a wire transfer through the SWIFT system, but the vast majority of people think of them as the same thing.) A wire transfer based on SWIFT is the most common payment method in international trade with Asian countries. … [Read more...]
Sourcing from China 101, Part 5: Negotiating With Chinese Suppliers: The Terms you Need to Discuss
Chinese suppliers are good at detecting which purchaser is inexperienced. If that's the case, and if you are dealing with dishonest suppliers, they could think that they will be able to take advantage of you. Therefore, it is important that you come across as someone who is fully prepared. You need to know what to ask, and how to respond when a supplier is being unreasonable. Let’s have a look at the main terms you will need to discuss when negotiating with Chinese suppliers who you are … [Read more...]