The White House said in a report on Thursday that more than 40 countries have helped China sidestep US tariffs by routing exports through nations that face lower American import duties.

The countries named include Canada, India, Mexico, Japan and South Korea, which the White House said had helped China evade tens of billions of dollars in tariffs.

White House trade adviser Peter Navarro said it had cost “American jobs and billions in revenue”.

A spokesperson for the Chinese embassy in Washington said in response to BBC queries that “trade wars have no winners” and that it opposes the US’ tariff measures and the use of state power to target China’s companies.

The spokesperson added that “any unilateral actions or agreements concerning transshipped goods must not target or harm the interests of third parties.”

The BBC has contacted the US embassies of Canada, India, Mexico, Japan, South Korea and other trading partners listed in the report for comment.

The report follows a wave of sanctions between the US and China and comes weeks before President Donald Trump will meet Chinese leader Xi Jinping in Washington.

According to government and private sector estimates quoted by the White House, between $30bn (£22.2bn) and roughly $300bn in goods have been moved from countries with higher tariff through those with lower rates.

The process is known as transshipping, which refers to the practice of transferring cargo through another country while en route to a final destination.

The US accused China of “taking advantage” of the practice by moving goods through nations that have lower duties.

China has used third countries as a stopover and has repackaged goods to hide their real origin to obtain lower tariffs, said the White House in its report, describing the process as “fraud cloaked in paperwork”.

“What has changed in today’s Great Transshipment Scam is not merely the speed and scale of this modern form of smuggling, but the breadth, depth, and sophistication of the global Shadow Transshipment Network through which China’s tariff evasion now moves,” the White House wrote.

The US has deployed artificial intelligence (AI) tools to catch transshipment efforts, it added.

The report is expected to add to key sticking points between the sides as Trump and Xi prepare to meet in the US in September.

Despite a pause in most tariffs following talks in May 2025, Washington and Beijing have continued to exchange sanctions, including restrictions on humanoid robots shipped to the US and tighter Chinese curbs on drone exports.

In April 2025, Trump unveiled sweeping levies on dozens of US trading partners based on a long-held belief that tariffs will help boost American jobs and the economy.

Those sanctions have since been struck down by the US Supreme Court, but Trump has repeatedly introduced new tariffs using alternative legal levers to continue his signature policy.

Revenue from operations also hit a record Rs 756 crore, registering a 27% YoY increase from Rs 595 crore in Q1FY26. Earnings before interest, taxes, depreciation and amortisation (EBITDA) surged 140.7% YoY to Rs 110 crore from Rs 46 crore, with EBITDA margin expanding to 14.6% from 7.7% in the same period last year.

Buy, sell or hold Honasa Consumer shares?

Wall Street major Jefferies maintains its Buy rating on Honasa Consumer with a target price of Rs 650, implying 39% upside. The brokerage said Honasa is ‘delivering beat after beat’ earnings. Further it said that FY27 margins are expected to improve by 150-200 bps.

Growth remains the management’s priority, with the company prepared to increase investments as required, while innovation continues to be a key focus. Higher crude oil and packaging costs are expected to weigh on margins in Q2, although product price hikes should offset the impact. The Flipkart policy change will also be reflected in the base from Q2 onwards.

Emkay reiterates its Buy rating on Honasa Consumer while raising the target price by 10% to Rs 550 (14% upside) from Rs 500, based on 50x Jun-28E EPS. It said 1QFY27 results exceeded expectations, driven by strong margins, with revenue growing 27% YoY and coming in 3% above consensus estimates.

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The company also entered the fast-growing fragrance category with the launch of its FIKN brand. The brokerage expects growth to remain strong at more than 20% YoY in FY27E, led by low-double-digit growth in Mamaearth and more than 20% growth in The Derma Co.
It expects margins to expand by 330 bps over the next three years, mainly driven by operating leverage, and has raised earnings estimates by 9-13% over the next three years, primarily due to higher margins. Overall, it expects sales and earnings CAGR of 17% and 25%, respectively, during FY26-29E, with strong growth momentum expected to continue, led by a turnaround in the offline channel.

Honasa Consumer Q1 management commentary

Commenting on the results, Varun Alagh, chairman, CEO and co-founder of Honasa Consumer, said the company entered FY27 focused on building on the momentum generated in the second half of FY26. Alagh said Q1 had reinforced that the strategy was working, with growth coming from both core and younger brands.

He added that the company’s Focus Categories grew 35%+, while demand strengthened across General Trade, Modern Trade and eCommerce. According to Alagh, the strategy the company had set out to build was now translating into performance.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Operator

Good day, and thank you for standing by. Welcome to the Agora Inc. Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded.

The company’s earnings results press release, earnings presentation, SEC filings, and a replay of today’s call can be found on its IR website at investor.agora.io.

Joining me today are Tony Zhao, Founder, Chairman and CEO; Jingbo Wang, the company’s CFO.

During this call, the company will make forward-looking statements about its future financial performance and other future events and trends. These statements are only predictions that we — based on what the company believes today and actual results may differ materially. These forward-looking statements are subject to risks, uncertainties, assumptions and other factors that could affect the company’s financial results and the performance of its business, and which the company discussed in detail in its filings with the SEC, including today’s press release and the risk factors of other information contained in the final prospectus relating to the initial public offering. Agora Inc. remains no obligation to update any forward-looking statements the company may make on today’s call.

With that, let me turn the call over to Tony. Hi, Tony.

Bin Zhao
Co-Founder, CEO & Chairman

Thank you, operator, and welcome, everyone, to our earnings call. Let me begin with a review of our operating results for the quarter. I’m pleased to report another quarter of accelerating top line growth as well as our seventh consecutive quarter of

Big changes planned at Manchester food hall that has ‘struggled’

A Manchester food hall which has ‘struggled’ to get by is set for a major revamp with a new live music space alongside a pizza venue and bar.

New Century Hall, based near Victoria station in the city centre, submitted its plans to Manchester City Council in July.

A report stated that the food hall ‘has not proven commercially viable’, prompting the venue to take a new approach.

Planning documents explained more about the decision: ‘While the venue has successfully hosted events and performances, the day-to-day food hall operation has struggled due to the scale and character of the space and the building’s location slightly removed from the primary retail and leisure core of the city centre.’

Changes planned for the venue include ‘creating two independently operable yet connected venues capable of supporting a wider range of activities throughout the week.’

The new layout will ‘focus on live music’ alongside hosting a programme of gigs and private hire events.

It was reported in May that the new music space could fit up to 450 people for gigs, and that the new music space in the building would be separated by a sound-proofed partition wall.

Planning reports continued: ‘It will be a mid-sized room with the flexibility to be a band’s first gig venue, a place for the college students to hone their talents, a private party hire, a new community hub for the area.’

New Century is based in the grade II-listed New Century Hall building. The venue reopened in 2022 after a £10m revamp of the 1963-dated building, which was first built for use as offices and a conference hall.

The planning application is set to be decided by mid-September, while the deadline for a consultation on the plans will pass this week.

New Century sits in the NOMA area of central Manchester, part of the city where just a short distance away new apartment blocks have been built for growing numbers of people looking to call Manchester home.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

MSCI’s Asia Pacific equities gauge advanced 0.4%, with South Korea’s Kospi Index jumping almost 3%. Earlier, the S&P 500 rose 0.7% Thursday to a record, while the Nasdaq 100 climbed over 1% to its highest level since late June as increased hyperscaler spending buoyed tech shares.

Read more: Top FPIs ride out storm, outrun Nifty & Sensex in Q1Treasuries rose Thursday as US wholesale inflation cooled in July, sending yields across maturities lower. The yield on the rate-sensitive two-year bond fell six basis points to 4.14%. Money markets now price in less than a 40% chance of a Fed rate increase in September.

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Meanwhile, Brent was little changed around $87.20 a barrel early Friday after dropping more than 2% in the previous session, snapping a six-day rally.Back-to-back benign inflation prints, following last week’s softer-than-expected jobs report and a pullback in oil prices, are easing pressure on the Fed to tighten policy at its meeting next month. While the lack of a deal in the Middle East remains a concern, equity traders are also focusing on a revival in the artificial intelligence trade after a selloff in semiconductor stocks in July.
“The next round of data that we get in September and the lead up to the meeting will be pretty critical,” said BofA Securities economist Stephen Juneau. At the same time, “the market obviously has started to really discount hikes more and more given that the data in recent months has been more dovish.”
US wholesale inflation decelerated by more than forecast in July. The producer price index rose 4.7% from a year earlier, down from a 5.5% annual increase in June, and was unchanged from the previous month.

Even as Treasuries rallied Thursday, the US sold 30-year bonds at the highest yield in a quarter century, underscoring the premium investors are demanding to finance the nation’s deficits.

Long-term yields have surged above 5% this year as higher energy prices fueled concern that inflation would remain elevated and force the Fed to keep rates higher for longer. Those pressures have been compounded by heavy Treasury issuance after years of fiscal deficits and a wave of corporate borrowing to finance the artificial-intelligence boom.

Meanwhile, Fed officials remain divided over the path for rates.

Richmond Fed President Tom Barkin argued for holding steady as inflation eases, while Cleveland Fed President Beth Hammack reiterated her preference for a hike.

Thursday’s benign inflation reading, coupled with last week’s softer jobs report, may give Fed Chair Kevin Warsh enough room to keep rates unchanged, according to Arun Sundaram at CFRA.

“But the Fed’s decision is far from settled,” he said. “Investors still have several potential plot twists to digest.”

Elsewhere, the Trump administration is applying a 100% tariff on imports of unmanned aircraft systems and their components in a bid to cut the US’s reliance on foreign supplies of drones.

In Asia, the yen remained within striking distance of a key level against the dollar, even after Prime Minister Sanae Takaichi’s government was said to support an interest-rate increase. The Japanese currency was little changed early Friday, trading near 159.50 per dollar.

The Bank of Japan is likely to raise rates in either September or October, according to people familiar with the matter. Concerns at the central bank that yen weakness will fuel inflation are converging with the government’s desire to reinforce the impact of recent US-Japan currency intervention, strengthening the case for a near-term hike, the people said.

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