Boeing (NYSE: BA) shares fell Monday, after the editor of Chinese newspaper Global Times speculated that the country may single out the aircraft maker in the trade war with the U.S.
"China may stop purchasing U.S. agricultural products and energy, reduce Boeing orders and restrict U.S. service trade with China. Many Chinese scholars are discussing the possibility of dumping US Treasuries and how to do it specifically," Hu Xijin, editor-in-chief of the Global Times, said in a tweet.
China retaliated in the trade war on Monday morning, hiking tariffs on $60 billion of U.S. imports, beginning June 1.
Boeing has certainly not been without its share of troubles of late. The plane maker has been the target of a class-action lawsuit on behalf of those who purchased or otherwise acquired Boeing securities between early January and late March.
Boeing is organized based on the products and services it offers and operates in four reportable segments: (a) Commercial Airplanes ("BCA"); (b) Defense, Space & Security; (c) Global Services; and (d) Boeing Capital.
The BCA segment develops, produces and markets commercial jet aircraft and provides fleet support services, principally to the commercial airline industry worldwide. On October 29, 2018, shortly after takeoff, Lion Air Flight 610 crashed, killing all aboard.
Then, on March 10, 2019, shortly after takeoff, Ethiopian Airlines Flight 302 crashed, killing all aboard. The airplanes that crashed were Boeing 737 MAX jets.
Shares of Boeing, as of Friday’s close of $354.67, are up 10% for the year. Those shares dropped $11.09, or 3.1%, to $343.50 early Monday.
