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First I would try to have all my existing orders with the original supplier expedited and find out if I could secure additional inventory from them within the 90 day window to create a buffer stock while I try to build a relationship with the new supplier to ensure they can meet my quality and shipping requirements for a price that I can afford. In the meantime, I will vet other suppliers to find alternate sources.
The main risks are in supply disruption and quality/pricing issues which I will seek to mitigate by creating the buffer stock from the original supplier and by vetting additional suppliers.
As far as changing the supply chain strategy, it would be good to incorporate dual-sourcing where possible to minimize the chances of disruption resulting from transitions like this one. Ideally this supplier would not be in China to reduce the risk of both suppliers being impacted be regional events/issues. Need Assignment Help?