Simply Trade

Simply Trade [News]: DHS targets forced labor in aluminum, PVC, and seafood industries

In this episode of The Simply Trade News Roundup, we dive into the latest developments shaking up international trade, importing, and exporting.
DHS targets forced labor in aluminum, PVC, and seafood industries - what does this mean for your supply chain?
Join us as we explore the far-reaching implications of recent forced labor enforcement actions, banking challenges in the Pacific, and the ripple effects of US sanctions on global trade dynamics.
Main Points/Takeaways:
1. Forced Labor Enforcement Expands:- DHS adds aluminum, PVC, and seafood to high-priority sectors for UFLPA enforcement- Increased scrutiny on supply chains, particularly those involving China- New Global Training Center course on supply chain tracing for forced labor compliance
2. Pacific Banking Challenges:- US and Australia pledge to enhance financial connectivity in Pacific island nations- Western banks' de-risking efforts impact correspondent banking relationships- Potential opening for Chinese financial influence in the region
3. Sanctions Impact China-Russia Trade:- US sanctions cause payment delays for Chinese car imports to Russia- Effectiveness of sanctions demonstrated, but potential workarounds emerging- BRICS initiative and bartering methods may challenge US dollar dominance
This episode provides crucial insights for importers, exporters, and trade professionals navigating the complex landscape of forced labor compliance, international banking relationships, and evolving global trade dynamics. Stay informed to protect your supply chain and adapt to changing regulations.
Enjoy the show!Sign up for the upcoming Forced Labor training (Supply Chain Tracing) here:https://globaltrainingcenter.com/forced-labor-supply-chain-tracing/ 
Find us on YouTube: https://www.youtube.com/@SimplyTradePod 
Host: Annik Sobing: https://www.linkedin.com/in/annik-sobing-mba-b226251a2/ Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ 
Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/
Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/
Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:
Advertising and sponsoring on Simply Trade
Requests to be on the show as guest
Suggest any topics you would like to hear about
Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.

The Hidden Risks of Importing: Former Auditor Cindy DeLeon Talks Tips to Stay Off Customs' Radar

Is your company "sexy" to customs auditors? Discover what puts you on their radar and how to prepare.
In this episode, trade compliance expert Cindy De Leon shares insider knowledge on customs audits, compliance risks, and essential preparation strategies for importers. Learn what factors make your business an attractive audit target and the steps you need to take to protect yourself. Main Points/Takeaways:
Audit attractors: Free trade agreement claims, first sale programs, tariff changes, and anti-dumping duties
The critical importance of vetting suppliers and tracking component origins
Why nearshoring doesn't eliminate compliance risks
How to prepare for a customs audit through internal reviews and cross-functional teams
Common valuation errors that trigger red flags (CRAPP: commissions, royalties, assists, packing, proceeds)
Limitations of internal auditors for trade compliance assessments
Key Insights:
• "Find out what makes you sexy to customs, because is it a free trade agreement? Is it a first sale program?" - Cindy De Leon
• "How much undeclared crap would customs find in conducting an audit of your evaluation?" - Cindy on overlooked dutiable elements
• "Your procedures need to have teeth, okay? And not the kind that are removable." - Cindy on creating effective compliance procedures
This episode provides invaluable insights for trade compliance professionals and executives to assess their audit risks and strengthen procedures. Armed with Cindy's expert advice, companies can better avoid costly penalties and disruptions from customs enforcement actions, ensuring smoother international trade operations.
Enjoy the show!
Sign up for the upcoming Forced Labor training (Supply Chain Tracing) here:https://globaltrainingcenter.com/forced-labor-supply-chain-tracing/ 
Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/ Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/
Show references:
Cindy DeLeon: https://www.linkedin.com/in/cindydeleon/ 
DeLeon Trade: https://www.linkedin.com/company/deleon-trade-llc/ 
Global Training Center - www.GlobalTrainingCenter.com
Simply Trade Podcast - twitter.com/SimplyTradePod 
Find us on YouTube: https://www.youtube.com/@SimplyTradePod 
Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:
Advertising and sponsoring on Simply Trade
Requests to be on the show as guest
Suggest any topics you would like to hear about
Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.

Simply Trade [News]: Mexico's New President and the Future of International Trade

Discover how Mexico's first female president could reshape North American trade and foreign investment.
Join us for an insightful discussion with Mexican attorney Brenda Cordova on the implications of Mexico's newly elected president, Claudia Sheinbaum, for international trade and foreign investment. We explore the current state of Mexico's economy, the USMCA treaty, and the future of nearshoring.
Main Points/Takeaways:
1. Mexico's Economic Position:- 12th largest economy globally- Foreign Direct Investment represents 24% of GDP- Received over $36 billion in FDI in 2023
2. USMCA and Trade Relations:- US is Mexico's largest trading partner ($13 billion in FDI)- Sheinbaum plans to review, not renegotiate, USMCA- Focus on promoting regional sourcing of raw materials
3. Nearshoring Trends:- Growing popularity due to global supply chain disruptions- IMMEX program benefits for foreign investors- Challenges in finding local suppliers that meet quality and price requirements
4. Sheinbaum's Economic Strategy:- Goal to increase FDI with a "shared prosperity" approach- Focus on sustainability, digitalization, and legal certainty- Plans to strengthen tax and customs authorities through technology
Key Quote: "Claudia Sheinbaum has expressed that under the USMCA, she wants to promote that producers receive or procure their raw materials in the region and in Mexico."
Gain crucial insights into the potential shifts in Mexico's trade policies and investment landscape under its new leadership, essential knowledge for businesses engaged in or considering international trade with North America.
Enjoy the show!Brenda Cordova: https://www.linkedin.com/in/brenda-cordova-30020047/
Sign up for the upcoming Forced Labor training (Supply Chain Tracing) here:https://globaltrainingcenter.com/forced-labor-supply-chain-tracing/ 
Find us on YouTube: https://www.youtube.com/@SimplyTradePod 
Host: Annik Sobing: https://www.linkedin.com/in/annik-sobing-mba-b226251a2/ Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ 
Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/
Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/
Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:
Advertising and sponsoring on Simply Trade
Requests to be on the show as guest
Suggest any topics you would like to hear about
Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.

Duty Drawback in the Age of China Tariffs with Tony Nogueras

In this episode of Simply Trade, we dive deep into the world of duty drawback with industry expert Tony Nogueras. As China tariffs continue to impact global trade, understanding advanced drawback strategies has never been more crucial for importers and exporters.
Main Points/Takeaways:
1. Recent changes in China tariffs and their impact on international trade2. The modernized drawback regulatory structure and its game-changing effects3. HTS-level substitution and its advantages for various industries4. Strategies for maximizing duty drawback recovery, including value matching5. The interplay between Foreign Trade Zones and duty drawback programs6. Potential legislative changes that could further benefit drawback claimants
Key Insights:
- "Anytime you make an importation, it's like making a deposit into your drawback bank account." - Tony Nogueras- Companies are altering supply chains and business models to maximize drawback recovery- The alcohol industry has emerged as a major winner in recent drawback regulation changes- Proper value matching is crucial to avoid leaving money on the table in drawback claims- Even companies with existing drawback programs may benefit from reassessment
This episode provides invaluable insights for importers and exporters looking to optimize their international trade operations. By mastering duty drawback strategies, companies can potentially recover millions in duties and taxes, significantly impacting their bottom line in today's challenging trade environment.
Enjoy the show!
Sign up for the upcoming Forced Labor training (Supply Chain Tracing) here:https://globaltrainingcenter.com/forced-labor-supply-chain-tracing/ 
Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/ Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/
Show references:
Tony Nogueras: https://www.linkedin.com/in/anthony-nogueras-2715985/
Alliance: https://alliancechb.com/duty-drawback/  
Global Training Center - www.GlobalTrainingCenter.com
Simply Trade Podcast - twitter.com/SimplyTradePod 
Find us on YouTube: https://www.youtube.com/@SimplyTradePod 
Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:
Advertising and sponsoring on Simply Trade
Requests to be on the show as guest
Suggest any topics you would like to hear about
Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.

Simply Trade [News]: Broker Education, Cybersecurity Guidelines, and Sanctions

Global trade professionals get an inside look at the latest customs and cybersecurity regulations, as well as supply chain risks, from industry experts.
Simply Trade podcast hosts Annik, Renee, and Andy discuss key updates from CBP on customs broker accreditation and continuing education requirements. They also analyze articles on maritime sanctions, clean energy cybersecurity guidelines, and holiday supply chain impacts.
Main Topics:
CBP selects entities to develop standards for customs broker accreditation and continuing education
Safety concerns arise from sanctions limiting Russian shipping fleet operations
New DOE framework outlines best practices for securing energy sector supply chains
Incident response plans and supplier diversification are recommended to mitigate cyber risks
Key Insights:
90% of US fireworks come from China due to its 2000-year history in the industry
Having an IT department review new guidelines is important for compliance
GTC's new forced labor prevention course provides unique training from subject matter experts
Learn how current regulations and geopolitical issues impact global trade compliance from industry leader perspectives. The discussion equips professionals with insights for navigating challenges in customs, cybersecurity, and supply chain management.
Enjoy the show!
Sign up for the upcoming Forced Labor training (Supply Chain Tracing) here:https://globaltrainingcenter.com/forced-labor-supply-chain-tracing/ 
Find us on YouTube: https://www.youtube.com/@SimplyTradePod 
Host: Annik Sobing: https://www.linkedin.com/in/annik-sobing-mba-b226251a2/ Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ 
Host: Renee Chuichiarelli - https://www.linkedin.com/in/renee-chiuchiarelli-8964a19/ 
Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/
Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/
Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:
Advertising and sponsoring on Simply Trade
Requests to be on the show as guest
Suggest any topics you would like to hear about
Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.

Gain a Strategic Edge: How Altana.AI Visionaries are Rethinking Trade with Emerging Technologies

Gain strategic insights from industry visionaries on leveraging emerging technologies to transform global supply chain management in today's volatile business environment.
Former US Customs Commissioner Alan Bersin and Altana CEO Evan Smith discuss how AI, federated data sharing, and value chain management are revolutionizing international trade operations.
Main Points:
AI and blockchain enable end-to-end supply chain mapping and compliance screening across multi-tier networks
Public-private data sharing through federated models facilitates trusted collaboration on trade facilitation and enforcement
Cross-functional integration ensures sourcing and procurement decisions consider compliance from design
Leaders must reorient businesses around managing value chains instead of just suppliers to succeed in the 21st century
Key Insights:
"This permits new forms of interaction and partnership between governments and the private sector" - Alan Bersin
"Compliance intelligence needs to be baked into sourcing decisions from the start" - Evan Smith
Gain a strategic edge on competitors by learning how emerging technologies can streamline operations, enhance regulatory cooperation, and future-proof global trade strategies from these visionary thought leaders.
Enjoy the show!
Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/ Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/
Show references:
Evan Smith - https://www.linkedin.com/in/evan-smith-39516b8/ 
Alan Bersin - https://www.linkedin.com/in/alan-bersin-315523177/
Altana AI - https://altana.ai/ 
Global Training Center - www.GlobalTrainingCenter.com
Simply Trade Podcast - twitter.com/SimplyTradePod 
Find us on YouTube: https://www.youtube.com/@SimplyTradePod 
 
Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:
Advertising and sponsoring on Simply Trade
Requests to be on the show as guest
Suggest any topics you would like to hear about
Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.
 

Simply Trade [News]: Increased Forced Labor Enforcement and Port Strike Talks

Forced Labor Crackdowns Create Compliance Challenges Global trade professionals face increasing pressure to ensure ethical and legal supply chains. This episode of Simply Trade News Roundup discusses recent US actions against forced labor and an upcoming training course to help importers and exporters address these challenges.
Main Topics:
US adds 3 Chinese companies to banned import list over Uyghur forced labor
New head of forced labor enforcement warns of sudden enforcement actions
Global Training Center launches in-depth forced labor supply chain tracing course
Labor strikes loom as unions fight automation in US ports
By understanding evolving policies and regulations, international trade professionals can ensure ethical supply chains and avoid costly compliance issues. This episode provides valuable context for navigating these critical issues.
Enjoy the show!
Sign up for the upcoming Russian Sanctions webinar here:https://globaltrainingcenter.com/russia-sanctions-update-2024/
Find us on YouTube: https://www.youtube.com/@SimplyTradePod 
Host: Annik Sobing: https://www.linkedin.com/in/annik-sobing-mba-b226251a2/ Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ 
Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/
Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/
Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:
Advertising and sponsoring on Simply Trade
Requests to be on the show as guest
Suggest any topics you would like to hear about
Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.

Transportation Optimization Tactics for Sustainable Success with Abby Hafenbredl

With margins crushed and volumes plummeting, freight companies are struggling to stay afloat. On this episode, top logistics consultant Abby Hafenbredl reveals the strategies actually working for brokers and fleets - and the steps you must take to future-proof your operations.
Abby joins us to discuss the challenges facing the transportation industry due to decreased volumes, labor shortages, and infrastructure issues exacerbated by the pandemic. She shares insights from her work with Lean Solutions Group optimizing operations for freight companies. Main Topics:
Margin compression issues and the costly mistakes others made during COVID that backfired
New business models needed to stay profitable as the market evolves
Understanding true operational costs and partnering strategically with carriers and shippers
Integrating technology, nearshoring, and route optimization to boost efficiencies
Key Takeaways:
Evaluate workflows and outsource non-revenue generating tasks to reduce costs
Partner with tech companies to assess productivity and identify opportunities
Create consistency for carriers by pairing freight and optimizing routes
Develop strategic, long-term partnerships for mutual benefit
Listeners gain an action plan for optimizing their transportation operations through proven strategies that will future-proof their business and ensure sustainable success no matter ongoing volatility or disruptions in global trade.
Enjoy the show!
Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/ Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/
Show references:
Abby Hafenbredl - https://www.linkedin.com/in/abby-hafenbredl/ 
Lean Solutions Group - https://www.leangroup.com/ 
Global Training Center - www.GlobalTrainingCenter.com
Simply Trade Podcast - twitter.com/SimplyTradePod 
Find us on YouTube: https://www.youtube.com/@SimplyTradePod 
Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:
Advertising and sponsoring on Simply Trade
Requests to be on the show as guest
Suggest any topics you would like to hear about
Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.
 

Simply Trade [News]: Making Sense of Increased Imports and Potential Port Congestion

Struggling supply chains face increased imports - How will logistics players handle the surge?
This episode of Simply Trade unpacks challenges and opportunities as global trade rebounds.
Main topics
Navigating rising US imports and potential port congestion;
Tariffs on Chinese EVs over forced labor concerns;
Sanctions against Russian military support.
Insightful discussions cover the complexity of global dependencies and maintaining business relationships amid political tensions.
Key takeaways 
Diversification may ease port impacts; sanctions effectiveness questions remain; global trade requires cooperation despite conflicts.
Enjoy the show!
Sign up for the upcoming Russian Sanctions webinar here:https://globaltrainingcenter.com/russia-sanctions-update-2024/
Find us on YouTube: https://www.youtube.com/@SimplyTradePod 
Host: Annik Sobing: https://www.linkedin.com/in/annik-sobing-mba-b226251a2/ Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ 
Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/
Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/
Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:
Advertising and sponsoring on Simply Trade
Requests to be on the show as guest
Suggest any topics you would like to hear about
Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.
 

Navigating Currency Risks in International Trade with John Min

Did you know that poor currency exchange practices could cost your business up to 20% in profits? Tune in to learn how to avoid hidden fees and maximize savings on international payments
Andy and Lalo sit down with chief economist Dr. John Min of Monex Group to discuss best practices for managing currency risk and payment processing in international trade. As importers and exporters deal with fluctuating exchange rates, learn the strategies to protect your bottom line.
Main Takeaways:- Invoicing in local currencies rather than dollars saves up to 10% by avoiding currency conversion markups- Shopping exchange rates between providers can save 1-2% in basis points, equaling a 20% boost to profit margins  - Forward contracts and options allow locking in rates for up to 2 years to eliminate volatility risk- Verify beneficiary information and stay up-to-date on sanctions to avoid financial issues or losing your money transmission license
Key Insights: - Hidden bank fees on international wires can add 3-4% above fair market rates without clients realizing- Crypto payments may soon bypass capital controls, moving funds instantly for a fraction of traditional costs- Proper currency management practices can make or break profitability for importers/exporters
 Learn practical tips for exchange rate negotiation, risk hedging, and compliance to take control of a major unseen cost factor in international trade. Protect your bottom line by following the currency experts' best practices.
Enjoy the show!
Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/ Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/
Show references:
John Min: https://www.linkedin.com/in/john-min-4941634/
Global Training Center - www.GlobalTrainingCenter.com
Simply Trade Podcast - twitter.com/SimplyTradePod 
Find us on YouTube: https://www.youtube.com/@SimplyTradePod 
Contact SimplyTrade@GlobalTrainingCenter.com or message @SimplyTradePod for:
Advertising and sponsoring on Simply Trade
Requests to be on the show as guest
Suggest any topics you would like to hear about
Simply Trade is not a law firm or an advisor. The topics and discussions conducted by Simply Trade hosts and guests should not be considered and is not intended to substitute legal advice. You should seek appropriate counsel for your own situation. These conversations and information are directed towards listeners in the United States for informational, educational, and entertainment purposes only and should not be In substitute for legal advice. No listener or viewer of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal advice from counsel. Information on this podcast may not be up to date depending on the time of publishing and the time of viewership. The content of this posting is provided as is, no representations are made that the content is error free. The views expressed in or through this podcast are those are the individual speakers not those of their respective employers or Global Training Center as a whole. All liability with respect to actions taken or not taken based on the contents of this podcast are hereby expressly disclaimed.