Feds probe 'mention markets' amid White House Kalshi controversy

Federal officials have opened a probe into prediction market sites, examining whether they are vulnerable to manipulation. These sites allow users to bet on various outcomes, including what people say.

The White House has released a report estimating that the US loses $19 billion to $26 billion in annual tariff revenue due to goods being transshipped through third countries to avoid US import duties. According to the report, China is routing its exports through over 40 countries, including Mexico and Malaysia, for packaging and limited assembly, a practice known as transshipping. This allows China to continue growing its manufacturing sector while appearing to reduce US imports from the country.

The issue of transshipping was highlighted by White House trade adviser Peter Navarro, who claimed that the problem is not just with China, but also with other nations enabling the avoidance of tariffs. The Chinese embassy in Washington has responded, stating that it opposes any attempts to strike a deal at China's expense or disrupt industrial supply chains.

Brief written by urgent.news from NPR, Investing.com, CoinDesk, The Korea Times, PBS NewsHour — 5 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.