E628: Don't Trust Your Suppliers? This Can Help

In this episode of The Ecomcrew Podcast, Mike Babbitt from Synovus Bank discusses international trade and risk mitigation for importers and exporters. He outlines common risks such as non-payment or receiving incorrect or substandard goods. Babbitt explains financial tools like letters of credit, detailing their function in guaranteeing payments and substituting for trust between buyers and sellers, and also covers documentary collections and supply chain finance programs. He also touches on current trends like stockpiling inventory due to tariffs, supply chain reconfiguration, and the move towards "just-right" inventory management. The conversation also explores the impact of tariffs and global events on trade, and strategies businesses are using to adapt, such as finding alternative suppliers or modifying product offerings.