It’s a fact of modern life that you may need to think globally if running a business where physical goods are involved. It can be so much cheaper to import parts or whole products from Asia and India than to produce in the United States.
While supplier problems can occur even if you are dealing with someone local, there is far more potential for issues when the firm you are dealing with is on the other side of the world. Just look at how many U.S. businesses found themselves struggling for supplies between 2020 and 2021 due to global events and shutdowns in China.
Appropriate insurance can certainly help protect you
Specific insurance, such as that offered by the Export-Import Bank of the United States, is something you should definitely consider before entering into any overseas trade deals.
You can also appeal to specific organizations for help
The International Chamber of Commerce may be able to act as a mediator or arbitrator. Alternatively, if your commerce falls under a free trade agreement, the body that set it up may be able to help.
In many ways, it is similar to a dispute with a business in the U.S.
While there are certainly added complications to resolving issues with an overseas supplier, many of the steps you will need to take would apply if you had issues with a U.S.-based company. Getting legal help to gather evidence, send appropriate notifications and explore other options will increase the chance you get the resolution you need.