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China sends Boeing planes back to US over tariffs

Kelly Ortberg said two planes had already been returned and another would follow after trade tensions between the two countries escalated. Boeing's chief executive told CNBC that 50 more planes were due to go to China this year but their customers had indicated they will not take delivery of them.The US put 145% tariffs on imports from China and it hit back with a 125% tax on US products. Speaking in the Oval Office on Tuesday, Trump said he was optimistic about improving trade relations with China, saying the level of tariffs he had imposed would "come down substantially, but it won't be zero".However, Mr Ortberg said China "have in fact stopped taking delivery of aircraft because of tariff environment".Boeing is America's largest exporter with about 70% of its commercial aircraft sales outside of the US.Mr Ortberg said Boeing was […]

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Dow tumbles 1,000 points after China retaliates against Trump’s tariffs

US stocks opened sharply lower Friday after China retaliated against the United States for President Donald Trump’s tariffs in a tit-for-tat that escalates a global trade war. The Dow fell 1,000 points, or 2.5%, and the broader S&P 500 was 2.6% lower. The tech-heavy Nasdaq was 3% lower and flirting with bear-market territory — a decline of 20% from its peak in December. Investors had been fearful that a dramatic escalation of the trade war could plunge the US and global economies into a recession. JPMorgan analysts said Thursday that America’s economy and the broader world economy both had a 60% chance of sinking into a recession this year. The analysts also said odds of a recession would rise if countries began to retaliate against the United States — and China did so Friday. Retaliation raises the risk of further escalation and could […]

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