Mon, Oct 14, 2019 - Page 15 News List

China deal might spur sales at Boeing: Trump

Bloomberg

US President Donald Trump said that a partial US-China trade deal might lead to as much as US$20 billion in sales of Boeing Co airplanes, in addition to spurring billion of US dollars in purchases of agricultural goods.

“Other aspects of the deal are also great — technology, financial services, 16-20 Billion in Boeing Planes etc,” Trump tweeted on Saturday.

He did not provide specifics about the aircraft portion.

A spokesman for Boeing declined to comment.

China has traditionally split its orders evenly between Boeing and Europe’s Airbus SE.

In unveiling the overall deal on Friday, Trump said that there would be a surge in Chinese purchases of US farm products — an offer that Beijing made more than two years ago.

It would be accompanied by unspecified commitments on intellectual property.

Boeing has a seat in the trade discussions and Boeing chief executive officer Dennis Muilenburg has in recent months said that aerospace is one of the industries where the US’ and China’s interests converge.

Boeing is one of the largest US exporters, while China is the biggest overseas customer for its aircraft.

Separately, Muilenburg has lost his title as chairman of the aircraft manufacturer, nearly a year after the first of two crashes of its 737 MAX that together killed 346 people.

Boeing announced on Friday that company directors decided to separate the two jobs and elected one of their own, David Calhoun, as non-executive chairman.

Earlier on Friday, a panel of international aviation regulators issued a report critical of Boeing and the US Federal Aviation Administration (FAA) over how the MAX was approved to fly.

The regulators said that Boeing failed to adequately inform the FAA about changes to a key flight-control system implicated in the crashes.

Muilenburg said in a statement that he supported splitting the chief executive and chairman jobs.

“The board has full confidence in Dennis as CEO and believes this division of labor will enable maximum focus on running the business with the board playing an active oversight role,” Calhoun said in a statement issued by the company.

Additional reporting by AP

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