China freezes Boeing jet sales in trade tit-for-tat with Trump: Report
China has ordered its airlines to ditch jet deliveries from Boeing following days of back-and-forth with President Trump over hikes in tariffs.
The president’s 145 percent levy on Chinese goods drove the decision, according to Bloomberg, which first reported the stalemate on Tuesday. As a result, the company’s stock saw a 1.46 percent drop as of midday on the New York Stock Exchange.
Prior to tariff tensions, China cut Boeing deliveries by 84 percent over the past five years compared to sales in the previous five-year period, The Wall Street Journal reported. The stark decline came after the U.S. manufacturer’s fleet saw two 737 Max plane crashes occur in 2018 and 2019.
Boeing and the White House did not respond to The Hill’s request for comment on paused transactions, however, Trump did address the matter on Truth Social.
“Interestingly, they just reneged on the big Boeing deal, saying that they will ‘not take possession’ of fully committed to aircraft,” the president wrote in a Tuesday post, where he also slammed the nation for being “brutal” to American farmers.
China’s leaders have also not publicly commented on the ruptured business exchange, but Bloomberg reported they’ve asked air service providers to freeze the purchase of aircraft-related equipment and parts from U.S. companies.
The measure comes as Beijing has doubled down on its promise to fiercely oppose the change in U.S. trade policy which it regards as a violation of the World Trade Organization’s mandates. China imposed a 125 percent tariff on American goods Friday after Trump issued a 90-day pause for his country-specific tariffs Wednesday, except for products from China.
Amid tension, China lauded the opening of its fifth China International Consumer Products Expo in addition to its biannual Canton Fair focused on imports and exports.
“The success of these events says a lot about the resolve and confidence of all parties in strengthening trade and economic cooperation and resisting unilateralism and protectionism,” Foreign Ministry spokesperson Lin Jian said during his Tuesday press briefing.
“In a world full of uncertainties, China will continue to seek joining hands rather than throwing punches, removing barriers rather than erecting walls, and promoting connectivity rather than decoupling,” he continued.
Its leaders said they would be open to talks with the U.S. after burgeoning tariffs but noted that any proposed conversations must include fair gains for both sides.
“If the U.S. side really wants to talk it should show an attitude of equality, respect and reciprocity,” Lin said last week at his daily press briefing, according to a translation from Reuters.
“If the United States ignores the interest of the two countries and the international community and insists on fighting a tariff war and a trade war, China will certainly accompany it to the end,” Lin said Thursday.