KSA: Mawani Initiatives Limit Rise in Commodity Prices

 Mawani adopts measures to support the stability of commodity prices in the local market. (Asharq Al-Awsat)
Mawani adopts measures to support the stability of commodity prices in the local market. (Asharq Al-Awsat)
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KSA: Mawani Initiatives Limit Rise in Commodity Prices

 Mawani adopts measures to support the stability of commodity prices in the local market. (Asharq Al-Awsat)
Mawani adopts measures to support the stability of commodity prices in the local market. (Asharq Al-Awsat)

The measures and initiatives launched by the Saudi Ports Authority (Mawani) resulted in curbing the sharp rise in global shipping costs, thus limiting the increase of commodity prices that was registered globally following the Covid-19 pandemic.

Thanks to the initiatives launched by Mawani, the increase in commodity prices in the Kingdom was below international rates.

Logistics Specialist Nashmi Al-Harbi told Asharq Al-Awsat that the success of the economic plans could raise the Kingdom’s position in the global logistic performance index, and ensure huge flows in supply chains.

He underlined that Saudi ports were witnessing a significant growth in the number of ships and transshipments. This is a positive and motivating indicator for shipping companies and ship owners, who will put the Saudi ports on the master traffic plan, instead of some other ports, Al-Harbi said.

He added that the programs launched by Mawani were aligned with the goals of Saudi Vision 2030, which seek to transform the Kingdom into a global logistics platform.

The Saudi Ports Authority had implemented 17 qualitative initiatives in support of all beneficiaries of maritime transport services. Those programs contributed to achieving food security and a continued flow of goods and supply chains, in line with the objectives of the national strategy for transport and logistics services.

Moreover, Mawani has adopted a number of exceptional measures, including strengthening partnership with shipping lines, ensuring the efficiency of ship handling operations and facilitating and re-engineering the procedures for loading transshipment containers.

The authority worked on reviewing the obstacles facing shipping lines and finding the appropriate solutions, and organized a number of joint workshops with the private sector to discuss opportunities to support exporters and importers, with the aim of improving the customer experience, facilitating and simplifying procedures and increasing operational efficiency.



More than 50 Countries Have Contacted White House to Start Trade Talks, Trump Adviser Says

A view of a container terminal at Tanjung Priok Port in Jakarta, Indonesia, February 12, 2025. (Reuters)
A view of a container terminal at Tanjung Priok Port in Jakarta, Indonesia, February 12, 2025. (Reuters)
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More than 50 Countries Have Contacted White House to Start Trade Talks, Trump Adviser Says

A view of a container terminal at Tanjung Priok Port in Jakarta, Indonesia, February 12, 2025. (Reuters)
A view of a container terminal at Tanjung Priok Port in Jakarta, Indonesia, February 12, 2025. (Reuters)

More than 50 countries have reached out to the White House to begin trade talks, a top economic adviser to US President Donald Trump said on Sunday as US officials sought to defend sweeping new tariffs that have unleashed global turmoil.

During an interview on ABC News' "This Week," US National Economic Council Director Kevin Hassett denied that the tariffs were part of a strategy by Trump to crash financial markets to pressure the US Federal Reserve to cut interest rates.

He said there were would be no "political coercion" of the central bank. In a Truth Social post on Friday, Trump shared a video that suggested his tariffs aimed to hammer the stock market on purpose in a bid to force lower interest rates.

In a separate interview on NBC News's Meet the Press, US Treasury Secretary Scott Bessent downplayed the stock market drop and said there was "no reason" to anticipate a recession based on the tariffs.

Trump jolted economies around the world after he announced broad tariffs on US imports on Wednesday, triggering retaliatory levies from China and sparking fears of a globe trade war and recession.

On Sunday morning talk shows, top Trump officials sought to portray the tariffs as a savvy repositioning of the US in the global trade order and the economic disruptions as a short-term fallout.

US stocks have tumbled by around 10% in the two days since Trump announced a new global tariff regime that was more aggressive than analysts and investors had been anticipating.

It is a drop that market analysts and large investors have blamed on Trump's aggressive push on tariffs, which most economists and the head of the US Federal Reserve believe risk stoking inflation and damaging economic growth.

Tariff-stunned markets face another week of potential tariff turmoil, with fallout from Trump's sweeping import levies keeping investors on edge after the worst week for US stocks since the onset of the COVID-19 crisis five years ago.

Hassett told ABC News' "This Week" that Trump's tariffs had so far driven "more than 50" countries to contact the White House to begin trade talks.

Taiwan's President Lai Ching-te on Sunday offered zero tariffs as the basis for talks with the US, pledging to remove trade barriers rather than imposing reciprocal measures and saying Taiwanese companies will raise their US investments.

Unlike other economists, Hassett said he did not expect a big hit to consumers because exporters were likely to lower prices.

Bessent told NBC News he did not anticipate a recession based on the tariffs, citing stronger-than-anticipated US jobs growth.

"We could see from the jobs number on Friday, that was well above expectations, that we are moving forward, so I see no reason that we have to price in a recession," Bessent said.