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China Withdraws from Major Boeing Deal, Trump Claims
(MENAFN) On Tuesday, U.S. President Donald Trump disclosed that China has pulled out of a crucial deal with Boeing, signaling that the nation will not accept delivery of the planes it had earlier agreed to buy.
"They just reneged on the big Boeing deal, saying that they will 'not take possession' of fully committed to aircraft," Trump stated in a post on Truth Social.
The president also criticized China's treatment of American farmers, labeling the nation as “brutal” towards them during his first term, and underscored that U.S. farmers are at the "front line" of the ongoing “trade war.”
In the wake of this announcement, Boeing's stock fell by 2.36% as reports emerged that Chinese airline companies had been instructed not to acquire Boeing jets.
This situation unfolds amid a broader trade war between the U.S. and China, which escalated when the U.S. raised tariffs on Chinese imports to 145%, prompting China to retaliate with a 125% tariff on U.S. goods. While Washington has delayed reciprocal tariffs for other nations by 90 days, the tariffs on China remain intact.
In a related update, the White House disclosed that China now faces tariffs as high as 245% due to its retaliatory actions, further heightening trade tensions. Additionally, Trump mentioned that certain technology products, including smartphones, laptops, and computer chips, would be exempt from these new tariffs.
"They just reneged on the big Boeing deal, saying that they will 'not take possession' of fully committed to aircraft," Trump stated in a post on Truth Social.
The president also criticized China's treatment of American farmers, labeling the nation as “brutal” towards them during his first term, and underscored that U.S. farmers are at the "front line" of the ongoing “trade war.”
In the wake of this announcement, Boeing's stock fell by 2.36% as reports emerged that Chinese airline companies had been instructed not to acquire Boeing jets.
This situation unfolds amid a broader trade war between the U.S. and China, which escalated when the U.S. raised tariffs on Chinese imports to 145%, prompting China to retaliate with a 125% tariff on U.S. goods. While Washington has delayed reciprocal tariffs for other nations by 90 days, the tariffs on China remain intact.
In a related update, the White House disclosed that China now faces tariffs as high as 245% due to its retaliatory actions, further heightening trade tensions. Additionally, Trump mentioned that certain technology products, including smartphones, laptops, and computer chips, would be exempt from these new tariffs.
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