Boeing dives following China’s latest trade challenge

source
Markets Insider

Shares of Boeing fell Wednesday morning following China’s new plans to impose tariffs on US imports, including airplanes. The announcement was in repose to the US government’s proposals to tax Chinese products coming into the US.

Boeing fell 3.68% early Wednesday, and is responsible for about 100 points of the Dow Jones industrial average‘s drop this morning, according to CNBC.

China’s government said it would impose tariffs on over 100 US products valued at $50 billion in response to President Donald’s Trump’s proposed plan that targets certain Chinese imports.

The aerospace manufacturer has been pressured in recent weeks, weighed down by the trade spat between the world’s largest economies, as well as a broader market selloff and pressure from competition.

Boeing recently lost its own trade challenge to Canada-based Bombardier while Boeing’s KC-46 tanker program has suffered a series of setbacks.

Boeing was one of the best performing stocks in 2017, climbing 89%.

Shares are up 7.04% this year.

Read more about the trade conflict’s effect on automakers thanks to the tit-for-tat trade threats made by the US and China.