Morning Business Report: U.S. automakers push Congress for permanent ban on Chinese connected vehicles

Major U.S. automakers are urging Congress to permanently ban the domestic sale, import and manufacturing of Chinese connected vehicles, hardware and software.

(LILAMAX)- Major U.S. automakers are urging Congress to permanently ban the domestic sale, import and manufacturing of Chinese connected vehicles, hardware and software.

Automakers have raised concerns that Chinese competitors, including BYD and Geely, are expanding rapidly in global markets, undercutting vehicle prices and potentially threatening U.S. auto production.

Chinese connected vehicles are currently restricted in the United States amid concerns from lawmakers that their technology could be used for spying or collecting sensitive data.

Meanwhile, federal safety officials have announced recalls involving children’s toys containing water beads because of the risk of serious injury.

The U.S. Consumer Product Safety Commission says the affected products include Squeezy Dumplings from Gihnjsi and Rainbow Mystery Squishy Buns from OKK Trading.

Water beads can expand after being swallowed, potentially causing choking, intestinal blockages and other serious health complications.

On Wall Street, stocks posted significant gains Thursday as software companies performed strongly and interest rates declined. The Dow Jones Industrial Average finished the day up 623 points.

Gold also surged in August amid growing concerns about U.S. debt, a weaker dollar and changing expectations surrounding potential Federal Reserve interest rate cuts.

And a new survey suggests many Americans are unclear about Labor Day and its history.

A Talker Research poll of 2,000 Americans found 66% correctly identified Sept. 7 as the date of Labor Day this year.

The survey also found 61% correctly identified the meaning of the holiday: recognizing the contributions and achievements of American workers.