President Donald Trump pushed back Monday on his own energy secretary’s claim that a return to $3-a-gallon gas will not come through the end of the year.

“No, I think he’s wrong on that, totally wrong,” Trump told The Hill on Monday, when asked about Energy Secretary’s Christopher Wright’s interview with CNN’s “State of the Union” on Sunday.

Trump remains steadfast in his conviction that gas prices in America are going to drop precipitously “as soon as this ends,” referring to the oil blockade in the Strait of Hormuz, echoing oft-repeated vows for those concerned that oil prices in America might actually return all the way up to Biden administration levels.

“The blockade is very powerful, very strong,” Trump added to The Hill, pointing at Iran’s obstruction effort. “They lose $500 million a day with the blockade up. We control it. They don’t control it.”

BESSENT WARNS GAS STATIONS THAT TREASURY DEPT WILL KEEP THEM ‘HONEST’ AFTER SPIKE IN PRICES

The AAA Fuel Prices state by state show the highest prices in the coastal states and the lowest prices in the midwest states. (Gasprices.aaa.com)

Wright’s comments were not all that unaligned with Trump’s position, but Wright was a bit less convicted on prices on when gas might drop below $3 again.

“I don’t know, that could happen later this year, that might not happen until next year, but prices have likely peaked and they will start going down,” Wright told CNN’s Jake Tapper, who asked further that gas “might not be under $3 a gallon until 2027?”

“Certainly, with a resolution of this conflict, you will see prices go down,” Wright added. “Prices across the board on energy prices will go down.”

OIL PRODUCERS ORG SHREDS CALIFORNIA DEM FOR BLAMING IRAN WAR FOR HIS DISTRICT’S GAS PRICES

Gas prices in the U.S. are higher amid the Iranian Strait of Hormuz obstruction, but they are still well below the Biden-era prices due to inflation caused by restrictive fossil fuel energy policy. (Sean Gallup/Getty Images)

“Under $3 a gallon is pretty tremendous — in inflation-adjusted terms,” Wright added to Tapper. “We had that in the Trump administration, but we hadn’t seen that in inflation-adjusted terms for quite a long time. We will get back there, for sure.”

Fuel prices in America on Monday are at an average of $4.04, according to AAA.

The highest average prices come in the coastal states, the only places where gas is over $4, while the midwest states have the lowest averages in the low-to-mid 3s.

BESSENT RULES OUT GOVERNMENT INTERVENTION IN OIL FUTURES MARKET DURING IRAN WAR

Trump had long warned that the rise in American gas prices at the pump was a transitory inflation issue on the expectation that global oil supply was strained due to Iran’s retaliatory choking off of oil flowing through the Strait of Hormuz.

Trump and Treasury Secretary Scott Bessent have also noted for weeks that the U.S. is a net exporter of oil, has plenty of supply, with only a fraction of oil from the Middle East. So when local gas stations raised prices under the fear of future supply shortages elsewhere around the globe — potential “bad actors,” according to Bessent — they were not only guessing, but expecting something that would never come, they argued.

“We’ll be looking at Treasury to try to keep the retail gas stations honest — that you did this on the way up, better be doing this on the way down,” Bessent told the CNBC Invest in America Forum last week. “And I am sure the president will call out anyone who’s a bad actor.”

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What went up, must now come down, Bessent told the CNBC forum host Wednesday when asked if the above was a warning.

“I’m sure that,” Bessent said with a calculated pause, “everyone will be a good actor.”

The iShares MSCI Global Metals & Mining Producers ETF (PICK) is a passively managed exchange-traded fund designed to track companies that participate in mining, extraction, or the production of industrial and base metals, excluding precious metals exposure. The strategy is regionally diversified and provides exposure across a number of different metals, including copper, iron & steel, and aluminum, amongst other materials. The strategy can be utilized by investors seeking diversified exposure to commodity producers and their respective cash flows in relation to the price of the commodities produced.

About iShares MSCI Global Metals & Mining Producers ETF

PICK was launched by iShares on January 31, 2012 on the Cboe BZX Exchange. PICK has a net expense ratio of 39bps, a relatively low cost strategy when compared to most peer ETFs.

PICK exhibits substantial depth, though thin liquidity with $1.9b in net assets and a 30-day average trading volume of 538k shares. As a result of the lower liquidity, PICK exhibits a relatively wide 30-day median bid/ask spread of 0.18%, potentially adding additional fees when actively traded.

PICK pays out a semiannual distribution at an annualized rate of $1.28/share over the last twelve months, yielding 2.04%. Distributions can vary widely from period to period, making this strategy most appropriate for capital appreciation rather than income.

PICK was designed to track the MSCI ACWI Select Metals & Mining ex Gold ex Silver Investable Market Index, which tracks the performance of companies that participate in industrial and the rare earth metals market. The Index consists of 234 constituents with exposure to small- through large-cap producers; the Index has a median constituent market capitalization of $1.21b with the largest constituent having a market capitalization of $175b. The Index is reviewed on a quarterly basis.

PICK currently invests across 244 holdings, which consist of equities as well as some exposure using futures derivatives. The ETF primarily invests in diversified metals & mining companies, making up 51% of the total portfolio weight, followed by steel at 25%, and copper at 14%. The strategy is regionally diversified with Australia accounting for 22% of regional exposure. Other regions include the UK at 16%, the US at 15.53%, and Canada at 7%.

The top 10 holdings within PICK account for 46% of the total portfolio’s assets. In contrast, the bottom 10 holdings account for roughly 0.12%. Top holdings within the ETF include BHP Group (BHP) at 12.30%, Rio Tinto PLC (RIO) at 6.80%, Freeport-McMoran (FCX) at 5.93%, and Glencore PLC (GLEN) at 4.55%.

BHP is an Australia-based diversified mining enterprise, primarily producing copper and iron ore at the global scale.

Freeport-McMoran is a US-based copper producer, operating globally in mining and refining.

Thematically, the metals & mining sector can be viewed through a variety of lenses. For copper, a major theme to consider is the increasing investments in power infrastructure and data centers, each requiring vast amounts of copper to operate. Iron exhibits broadly diversified themes, including automobile production, industrial manufacturing, power, and construction, amongst others. Sector demand can vary by region; the US may exhibit a larger focus in the automotive industry whereas China may exhibit more steel utilization in construction. Being mindful of macroeconomic trends like annual vehicle production, trucking, and construction starts may be useful indicators for assessing this component of the portfolio.

Some other factors investors may consider when investing in the strategy include international trade. For example, China has historically been a major counterparty to BHP’s iron ore mining operations. For example, Chinese imports accounted for roughly 63% of BHP’s sales in FY25. Trade disputes between the two countries could significantly impact operations and must be taken into consideration when evaluating PICK as an investment, particularly given the portfolio concentration in BHP.

Another factor to consider is trade tariffs. For example, Alcoa’s (AA) business has been impacted in the last year resulting from the 50% duty on imported aluminum and steel. Alcoa has historically imported aluminum into the US through Canada, resulting in mismatched economics throughout FY25 before the Midwest Spread created a marketable opportunity. Alcoa holds a much lower weight in the strategy at 1.10% of net assets, though I believe the theme can apply to all constituents if import duties were to persist.

Overall, PICK can be considered as both a microeconomic and macroeconomic investment strategy given the ETF’s global footprint and general demand across regions and industries. At the microeconomic level, more efficient mining practices and ESG policies can influence the cost of production, or the all-in cash cost.

Investor Suitability

PICK can be utilized by investors seeking a diversified equity strategy tied to the global metals & mining industry. PICK may be best utilized as a buy-and-hold ETF given its relatively light trading volumes. PICK may also be utilized as part of an industry rotation or a macroeconomic strategy given the diverse portfolio of commodity producers. In terms of growth expectations in the fund, a benefit of owning the commodity producers over the commodities outright is that commodity producers gain exposure to stronger commodity prices, cost management, and cash flow generation; owning a portfolio of commodities is limited to the aggregate increase in commodity prices with no additional economic upside potential.

Risks Related to PICK

PICK may expose investors to a variety of risks that should be considered prior to making an investment decision, particularly when considering its global exposure. International trade, geopolitical risk, war, ESG policies, inflation rates, commodity prices, fuel costs, transportation costs, and interest rates can all influence the performance of the underlying companies within the portfolio.

Final Thoughts

PICK can be utilized as a diversified metals & mining investment strategy for investors seeking to participate in the cash flows earned by companies with direct exposure to industrial and base metals. I believe PICK offers investors greater value over investing in a commodity-based portfolio given that the producers provide more economic upside beyond the commodity price. Given the international footprint of the portfolio, investors must consider international trade risk when evaluating whether a broad strategy is appropriate for their investment needs.

This article answers three main questions about PICK:

• What type of investor is PICK most suitable for?
• Does PICK offer diversification to foreign companies?
• Is PICK considered an income ETF or is it focused more on capital appreciation?

Macy’s is recalling thousands of Arch Studio tea kettles after federal safety officials warned of a potential burn hazard tied to the product.

The recall, announced April 16 by the Consumer Product Safety Commission (CPSC), affects approximately 4,600 units, according to the agency.

Officials said the tea kettle’s handle can detach during use when heated, posing a risk of serious injury due to burns. The company has received three reports of the handle detaching, though no injuries have been reported.

POPULAR BABY FOOD BRAND HIT BY ‘CRIMINAL ACT’ AS RAT POISON FOUND IN SEIZED JAR

“Arch Studio” and “HJ10525” are etched on the underside of the recalled kettles. (CPSC)

The recall applies to Arch Studio-branded stainless-steel tea kettles with a black handle and a 1.9-quart capacity. The kettles measure about 10.7 inches long, 7.59 inches wide and 8.62 inches high, with “Arch Studio” and model number “HJ10525” etched on the underside.

CPSC says the tea kettle’s handle can detach during use when heated.  (CPSC)

The products were sold at Macy’s stores nationwide and online at macys.com from August 2025 through February 2026 for about $50, according to the CPSC. The kettles were imported by Macy’s Merchandising Group Inc. of New York and manufactured in China.

Consumers are urged to stop using the recalled kettles immediately and contact Macy’s for a full refund. The company is offering refunds by check, and customers will be provided with a prepaid shipping label to return the product. No purchase receipt is required.

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Macy’s did not immediately respond to FOX Business’ request for comment.

Gloucestershire County Council is planning a £3.4m overhaul of its services with a greater reliance on artificial intelligence

There are concerns that Gloucestershire residents’ personal data could be at risk of being accessed by the US Government. The UK relies heavily on American technology companies for cloud services, which enable the remote storage and processing of data.

With Gloucestershire County Council planning to modernise its operations and increase its dependence on artificial intelligence, questions have emerged over the implications this could have for residents’ data security.

Councillor Craig Horrocks (G, Rodborough) brought the matter to light at last week’s corporate overview and scrutiny committee, as a new £3.4m overhaul programme incorporating greater use of AI was under discussion.

He commended the council’s efforts in boosting productivity through technology, but voiced concerns regarding data security due to American legislation that could compel US firms to surrender data belonging to British citizens to the US Government.

“I don’t see any evidence of a focus on data security,” Cllr Horrocks said.

He described the situation as “particularly concerning”, noting that elsewhere across Europe there is “a move away from US-based systems to either self-hosted open source systems or European-hosted systems”.

“Because the Cloud Act in America means if America warrants are pushed forward our data is not safe,” he said.

He further clarified that the data does not need to be physically stored within the US for it to be at risk.

“Any company that is served a warrant, for example, Microsoft, by the US Government to look at data held on Microsoft systems through Microsoft AI, they have no ability to refuse that,” he said.

“My concern is that if we are going further into the Microsoft AI route that will get baked into a working practice which will almost inevitably go forward into the post-local government reorganisation.

“Has any consideration been given, not just that, because there are other data security issues as well.”

Deputy chief executive Nina Philippidis described it as “absolutely” a valid point to raise and confirmed the matter is something the council’s data and IT teams dedicate considerable time thinking about.

“Bearing in mind, this isn’t the start of our AI journey,” she said. “We have already been using Copilot in the organisation.

“We are already using Magic Notes and clearly it is looking at social work data, so again, we have had to spend an awful lot of time working through those issues to make sure we are fully compliant.”

She acknowledged Cllr Horrocks’ observation that “things are changing rapidly” and that it is something they are “keeping a very close eye on”.

“We won’t be doing anything that puts residents’ data at risk,” she concluded.

Cllr Horrocks responded arguing that “you can’t help but because of the Cloud Act and I’d also say there are many European national and local governments that are very rapidly moving away from it because they are concerned.” Ms Philippidis said she would take his points and discuss them with the team.

A bold merger proposal from United CEO Scott Kirby to President Donald Trump has left American Airlines’ CEO Robert Isom in the crosshairs, with analysts predicting the board may oust him in response to the potential industry shakeup.

Kirby reportedly lobbied Trump for his blessing on a merger that has fueled speculation that Isom is getting squeezed out.

“I suspect one of the outcomes will be that just this very suggestion is going to make the board of American and their unions turn around and say ‘get rid of Bob Isom,’” Michael Boyd, CEO of Boyd Group International, told FOX Business.

AMERICAN AIRLINES JOINS WAVE OF CARRIERS HIKING CHECKED BAG FEES AS JET FUEL PRICES SKYROCKET

United Airlines CEO Scott Kirby speaks during a joint press event with Boeing at the Boeing manufacturing facility in North Charleston, South Carolina, on Dec. 13, 2022. (Logan Cyrus/AFP via Getty Images)

Isom is already embroiled in a leadership crisis. In February, the Association of Professional Flight Attendants (APFA) issued a unanimous no-confidence vote in Isom, citing a “relentless downward spiral” in his leadership. 

The Allied Pilots Association (APA) also published a blistering open letter stating their lack of confidence in American Airlines leadership.

Now, a reported meeting between Kirby and Trump in which the United CEO allegedly lobbied Trump for his blessing on a merger has fueled speculation that Isom is getting squeezed out.

American Airlines CEO Robert Isom has come under scrutiny as the head of the carrier. (Nathan Posner/Anadolu via Getty Images)

“This is a proud airline… but it’s an airline now that’s been, quite frankly, non-managed. As a result of that, I think the very fact that a competitor would say, ‘oh, we’ll take you over,’ is going to send that board into a tizzy,” Boyd said.

American Airlines said in a statement on Friday that it is “not engaged with or interested in” merger discussions with United.

“While changes in the broader airline marketplace may be necessary, a combination with United would be negative for competition and for consumers, and therefore inconsistent with our understanding of the Administration’s philosophy toward the industry and principles of antitrust law,” the carrier said. “Our focus will remain on executing on our strategic objectives and positioning American to win for the long term.”

United Airlines told FOX Business, “We don’t have anything to share.”

A potential deal could also face antitrust hurdles. (United Airlines)

DELTA, SOUTHWEST HIKE CHECKED BAGS AS AIRLINES FACE SURGING FUEL COSTS

It also could be the masterstroke in a Kirby revenge tour after the United CEO was himself ousted as the president of American Airlines.

“This would be the ultimate comeuppance,” View From the Wing writer Gary Leff wrote.

United Airlines CEO Scott Kirby, left, and American Airlines CEO Robert Isom listen as Transportation Secretary Sean Duffy speaks to reporters outside the White House on Oct. 30, 2025, in Washington, D.C. (Kevin Dietsch/Getty Images / Getty Images)

Despite the palace intrigue, however, the scope and scale of a mega-merger have analysts doubting its feasibility. 

Getting through “the minefield of maintenance issues” alone could hold up the deal, Boyd said. “Remember a 787 at United is not the same as a 787 at American. The maintenance programs are different. The galleys are different. The cockpits may be different. Putting all that together is obscenely expensive.”

A potential deal could also face antitrust hurdles. “Fewer choices mean higher ticket ⁠prices, more fees, and fewer options for anyone who wants to get from point A to point B,” Ganesh Sitaraman, ​author of “Why Flying Is Miserable,” told Reuters.

RISING FUEL COSTS THREATEN SPIRIT AIRLINES’ BANKRUPTCY EXIT PLAN: REPORTS

“It seems unlikely that industry rivals, consumer groups and antitrust authorities would simply go along with this,” aviation analyst Stephen Trent told Morningstar.

The proposed merger would combine the world’s two largest airline carriers by available seat kilometers (ASK), a metric provided by the Official Airline Guide (OAG).

American said in a statement that it is “not engaged with or interested in” merger discussions with United. (Al Drago/Bloomberg via Getty Images)

The pair also constitute over a third of domestic market share with a combined $3 billion market cap. But their share of the global market pales in comparison to their U.S. dominance. The pair had just over 1 trillion ASK in 2025, which amounted to less than 10% of the 2025 global share of more than 11.5 ASK, according to data from OAG and the International Air Transport Association (IATA).

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Transportation Secretary Sean Duffy had previously indicated that the sector had room for airline mergers, though added, “I am not ​going to pre-commit to anything.”

FOX Business contacted the Federal Trade Commission for comment but did not immediately receive a response.

London’s small and medium-sized businesses are bracing for a punishing week of disruption as London Underground drivers prepare to stage two 24-hour walkouts, in a dispute over working patterns that threatens to drain millions of pounds from the capital’s already fragile hospitality and night-time economy.

Members of the Rail, Maritime and Transport (RMT) union will down tools from midday on Tuesday 21 April and again from midday on Thursday 23 April, with Transport for London (TfL) warning operators and passengers to expect “significant disruption” across the entire network. A separate walkout by 150 Unite members working as bus station and network traffic controllers, running from 23 to 25 April, is set to compound the misery.

For business owners across the capital, the timing could scarcely be worse. Operators in hospitality, retail and leisure are already contending with a fresh wave of energy price rises, persistent wage pressures and jittery consumer confidence. The loss of reliable late-night transport, industry leaders warn, risks tipping vulnerable SMEs over the edge.

TfL has published a day-by-day forecast of likely disruption. Normal services are expected to run on Tuesday 21 April until mid-morning, with availability tapering off ahead of the midday walkout. Any trains still running will wind down early, and TfL is advising those who must travel to complete their journeys by 8pm.

On Wednesday 22 April, services will start later than usual, with no trains expected before 7.30am. Significant disruption is forecast across all lines until midday, with a gradual recovery throughout the afternoon and evening.

The pattern repeats on Thursday 23 April, with normal services until mid-morning and a 12pm walkout triggering severe disruption into the evening. Friday 24 April will again see no service before 7.30am and continuing disruption across the network.

Although a reduced timetable will operate on some routes, TfL has confirmed there will be no service at all on the Piccadilly and Circle lines, no trains on the Metropolitan line between Baker Street and Aldgate, and no service on the Central line between White City and Liverpool Street. Trains that do run are likely to be sporadic, overcrowded and unable to pick up every waiting passenger.

The Elizabeth line, DLR, London Overground and tram services will operate as normal.

Adding to the disruption, seven bus routes operated by Stagecoach from Bow Bus Garage in East London will be affected by a 24-hour walkout from 5am on Friday 25 April. Routes 8, 25, 205, 425, N8, N25 and N205 are all in scope, although TfL expects the 25 and 425 to maintain a near-normal service for most of the day. The N8 will run a reduced route between Hainault and Liverpool Street at its usual frequency, while the remaining routes are likely to be severely delayed or cancelled.

The dispute centres on TfL’s proposal to introduce a four-day working week for train operators. The union has branded the plan “fake”, arguing it would simply condense existing hours into fewer days without delivering genuine improvements.

The RMT initially suspended strike action last month after TfL management agreed to negotiate, but accused the operator of reneging at the weekend.

RMT general secretary Eddie Dempsey said the union had “approached negotiations with TfL in good faith throughout this entire process”, adding: “despite our best efforts, TfL seem unwilling to make any concessions in a bid to avert strike action. This is extremely disappointing and has baffled our negotiators. The approach of TfL is not one which leads to industrial peace and will infuriate our members who want to see a negotiated settlement to this avoidable dispute.”

Claire Mann, TfL’s chief operating officer, countered that the proposals were fair and flexible. “We have set out proposals to the RMT for a four-day working week. This allows us to offer train operators an additional day off, whilst at the same time bringing London Underground in line with the working patterns of other train operating companies, improving reliability and flexibility at no additional cost. The changes would be voluntary, there would be no reduction in contractual hours and those who wish to continue a five-day working week pattern would be able to do so.”

For Michael Kill, chief executive of the Night Time Industries Association (NTIA), the latest walkout is another hammer blow to a sector running on empty.

“As the sector faces a fresh surge in energy and operating costs, this new wave of strike action creates yet more uncertainty that businesses simply cannot absorb,” he said. “Margins are being squeezed from every direction, and confidence is increasingly fragile.”

Mr Kill questioned the wider purpose of the industrial action. “The ongoing disruption to transport services begs the question, who does this actually benefit? Because right now, it’s businesses, workers and the wider public who are paying the price for the reckless actions of the few.”

He warned that the knock-on effects go well beyond lost footfall. “Without reliable late-night transport, staff struggle to get to work, customers stay away, and businesses lose critical trade. Many venues are already under intense financial pressure, continued disruption only compounds that risk.”

While acknowledging workers’ right to withdraw their labour, Mr Kill called for an urgent return to the negotiating table. “We respect the right to strike, but this situation cannot continue. All parties must get round the table and find a resolution, because sustained uncertainty at a time like this will have serious, lasting consequences for London’s night-time economy.”

TfL is urging travellers to use its journey planner to map their routes in advance and to check the status of lines in real time via its live status page. For SMEs, the message from industry is simpler: brace for a difficult week, and start demanding that both sides find a settlement before the damage to the capital’s economy becomes permanent.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.