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I'm Henry Epp with The Marketplace Minute.

Stocks closed lower today, the Dow fell 8-10% the NASDAQ dropped 1.5% the S&P 500 lost 1.2-10%.

President Joe Biden says striking union auto workers deserve, quote,

record contracts as they negotiate with GM Ford and Stellantis.

Biden is sending two administration officials to Detroit to help broker deals.

So far, the United Auto Workers Union has limited strikes to three plants in Michigan, Ohio,

and Missouri. Imports got more expensive in August, mostly due to the high cost of fuel.

Overall, import inflation ran at half a percent last month as the price of oil, gas,

and other fuels rose nearly 7%. But excluding those fuel prices, the cost of imports actually declined

slightly. European regulators have fined TikTok $368 million for failing to protect children's privacy,

as required under European rules. The company argued the fine was unfair because it was based

on app settings that changed over two years ago. I'm Henry Epp with The Marketplace Minute.