Chinese officials told domestic airlines not to place new orders for Boeing jets and are requiring carriers to seek approval before taking delivery of already-ordered aircraft, according to people familiar with the matter.
The tariff turmoil keeps getting worse for America's largest exporter: Boeing's vast and fragile supply chain is grappling with the end of its decadeslong duty-free status. Boeing faces retaliatory tariffs from other countries. And airlines are bracing for a drop in demand for air travel.
The developments add new pressure to the struggling jet maker, which burned through $14 billion last year and had aimed to be cash-flow positive by the end of this year. In the long run, the new tariff landscape could give a leg up to Boeing's European rival, Airbus.
President Trump has said his tariff blitz is intended to boost U.S. manufacturing. But the trade war is hurting — not helping — one of the few major companies manufacturing high-tech products here, said Bank of America analyst Ron Epstein.
---------------------------------
He is enjoying what is going on, his master plan for cheap oil is playing out.
WDS Price at posting:
$19.44 Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)