Business briefing
Commerce picks held over trade
The Senate’s top Democrat said Friday that he’ll block two of President Donald Trump’s key nominees unless the Commerce Department picks up the pace on its investigation of China’s trade practices involving the aluminum and steel industries.
Minority Leader Chuck Schumer, D-N.Y., said he’ll hold up two Commerce Department undersecretaries until Commerce Secretary Wilbur Ross stops “foot dragging on this critical investigation” of China’s subsidies of the two industries.
The administration in August announced it would investigate whether China’s aluminum and steel industry trade practices are a national security threat to the U.S. That could lead to a crackdown on imports.
Schumer says the probe isn’t going anywhere and that for all his tough talk President Donald Trump hasn’t cracked down on China’s trade practices.
Schumer has placed a “hold” on the nominations of Gil Kaplan to be under secretary of commerce for international trade and Nazakhtar Nikakhtar to serve as assistant secretary of commerce, industry and analysis.
That means he would force majority Republicans to spend precious Senate floor time debating the nominations.
Ford steering wheels probed
The U.S. is investigating complaints that steering wheels can come loose on some Ford Fusion sedans. The National Highway Traffic Safety Administration said one driver complained that the wheel detached from the steering column.
The probe revealed Friday covers about 841,000 midsize sedans from the 2014 through 2016 model years.
Two other people reported that the bolt attaching the wheel to the steering column came loose while driving and had to be retightened at a repair shop.
Investigators will determine how often the problem happens, how many vehicles are affected and will assess safety consequences of the problem. No recall has been issued.
Higher prices, soaring oil profits
Buoyed by higher oil prices, profits are soaring at Exxon Mobil and Chevron.
Exxon said Friday that it earned nearly $4 billion in the third quarter, and Chevron made $2 billion. Both were about 50 percent higher than the same quarter last year.
Analysts expect both companies to keep on earning big profits next year.
Spot prices for benchmark U.S. crude ended the third quarter more than 10 percent higher than they were a year earlier, according to Energy Department figures.
In trading, shares of Exxon Mobil closed at $83.71, up 0.29 percent, while shares of Chevron Corp. closed at $113.54, down 4.19 percent.