President Donald Trump announced on Fox News that Chinese President Xi Jinping has agreed to purchase 200 Boeing jets, a deal surpassing the 150 aircraft Boeing had anticipated. This significant order follows a nearly decade-long drought in major Chinese orders for the U.S. aerospace giant, with analysts previously projecting an even larger acquisition.
In a significant announcement that could reshape U.S.-China trade relations and provide a major boost to the American aerospace industry, President Donald Trump revealed on Fox News that China's President Xi Jinping has committed to purchasing 200 Boeing jets. This reported agreement exceeds the 150 aircraft Boeing had originally hoped for, marking a substantial win for the U.S. manufacturer.
VIDEO: President Trump discusses China's agreement to buy 200 Boeing jets with Fox News. (Source: CNBC's Halftime Report)
Trump, referring to his discussions with President Xi, stated, "One thing he agreed to today, he's going to order 200 jets. That's a big thing. Boeings. Boeing wanted 150, got 200." This declaration came amidst high expectations from Wall Street analysts, who had predicted a large Boeing order during Trump's visit to China. Some, like Jefferies, even speculated the deal could encompass up to 500 aircraft.
The deal is particularly notable given that Boeing has not secured a major order from China in close to a decade, with the Asian economic powerhouse frequently turning to Boeing's European rival, Airbus, for its aviation needs.
While President Trump did not specify the exact models of aircraft China would acquire, industry analysts largely anticipate the order to include hundreds of Boeing's popular 737 Max planes. Neither Boeing nor the White House has yet released an official statement confirming the details of the agreement.
Despite the positive news, Boeing shares concluded Thursday trading down 4.73%, though they saw a slight rebound of 0.29% in after-hours trading. Boeing CEO Kelly Ortberg had previously hinted at the potential for a "meaningful opportunity" and a "big number" of aircraft orders stemming from the U.S.-China summit during a company earnings call last month.
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