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U.S. says Chinese government blocking Boeing airplane purchases

Stock MarketsSep 28, 2021 06:22PM ET
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© Reuters. FILE PHOTO: U.S. Commerce Secretary Gina Raimondo speaks during a Reuters interview at the Department of Commerce in Washington U.S., September 23, 2021. REUTERS/Kevin Lamarque

By David Shepardson

WASHINGTON (Reuters) - U.S. Commerce Secretary Gina Raimondo said on Tuesday the Chinese government was preventing its domestic airlines from buying "tens of billions of dollars" of U.S.-manufactured Boeing (NYSE:BA) Co airplanes.

Raimondo said that China was not abiding by commitments to buy U.S. goods it made in 2020 as part of a trade deal with the previous administration.

"I don't know if Boeing is here. ... There's tens of billions of dollars of planes that Chinese airlines want to buy but the Chinese government is standing in the way," she said in a question-and-answer session after a speech in Washington.

Boeing shares fell 2.6% on Tuesday to $218.41.

In a separate interview with National Public Radio broadcast on Tuesday, Raimondo confirmed she was specifically referencing China's blocking of Boeing airplane purchases.

"The Chinese need to play by the rules. We need to hold their feet to the fire and hold them accountable," she said.

Boeing declined to comment. The Chinese embassy in Washington did not immediately comment.

Boeing Chief Executive Dave Calhoun in March urged the United States to keep human rights and other disputes separate from trade relations with Beijing.

"I am hoping we can sort of separate intellectual property, human rights and other things from trade and continue to encourage a free trade environment between these two economic juggernauts," Calhoun said at the time. "We cannot afford to be locked out of that market."

Boeing last week raised its forecast slightly for China's aircraft demand for the next 20 years, betting on the country's quick rebound from COVID-19 and future growth in its budget airline sector and e-commerce.

Boeing estimated that Chinese airlines will need 8,700 new airplanes through 2040, 1.2% higher than its previous prediction of 8,600 planes made last year. Those would be worth $1.47 trillion based on list prices, Boeing said.

China's aviation authority, the first regulator to ground the Boeing 737 MAX following two deadly crashes, has yet to approve the return of service for the aircraft in the country. China accounts for a quarter of Boeing's orders of all aircraft.

U.S. says Chinese government blocking Boeing airplane purchases
 

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Comments (8)
Kwong To
Kwong To Sep 29, 2021 9:43AM ET
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Nguyen. You are alive today that is because the US Napalm bomb didn't kill you.
Limin Tandiono
Limin Tandiono Sep 28, 2021 7:00PM ET
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Who is the one that breaks the rule by inisiating the trade war in the first place???
Mighty Moustache
Mighty Moustache Sep 28, 2021 7:00PM ET
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So, you think trade is a one-way street?
Jeff Chevalier
Jeff Chevalier Sep 28, 2021 6:50PM ET
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Kind of like Australia screwing over the French on a submarine deal because the US intervened..
Chris Sundo
Chris Sundo Sep 28, 2021 6:39PM ET
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When you make deals with ter//ro//rists expect them to abide by the deal only as long as it favors them. Ter 'or 'rists are abus/ers of power and give in to their own whims. They can't be counted on to pull themselves together.
David Viall
Dinsul74 Sep 28, 2021 6:06PM ET
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Maybe China is now going to start a buying campaign of only buy "Made in China" This would be one we would loose.
Lionel Jarlet
Lionel Jarlet Sep 28, 2021 5:14PM ET
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wait till China invokes "national security ". how many high speed trains did US buy ?
David David
David9 Sep 28, 2021 3:06PM ET
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Exactly... if we want to hold there feet to the fire, then don't expect them to buy... that doesn't work that way on the international stage... if we don't learn to respect then don't expect anything back in return... Confucius said... don't do onto others what you don't want others to do onto you...
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David David
David9 Sep 28, 2021 3:06PM ET
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Wrong, Mathew said it differently... Plus Confucius was way before Mathew.
Pat Mathieu
Pat Mathieu Sep 28, 2021 3:06PM ET
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China has stolen Western and Japanese tech for decades, and I mean stolen, literally. They'll have to pay one day ... because "what comes around goes around" [J.Timberlake, 2006 AD]
David David
David9 Sep 28, 2021 3:06PM ET
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When you say some stole something, you need to provide proof, without proof it all becomes he said she said...
Limin Tandiono
Limin Tandiono Sep 28, 2021 3:06PM ET
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, US has stolen technology from Europe as well, if you call it stealing.
Limin Tandiono
Limin Tandiono Sep 28, 2021 3:06PM ET
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Jesus said the same thing though. So why didn' t the west wake up?
Necleus Electron
Necleus Electron Sep 28, 2021 2:12PM ET
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Well, what do you expect??? You treated China like s//hit, and expect them to treat you nicely???
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Necleus Electron
Necleus Electron Sep 28, 2021 2:12PM ET
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nguyen nguyen, if you are vietnamese, i pity your country has such low intellect people like you. Vietnam was ruined by americans during the war because of their own agenda, you should learn more from your forefathers. Shame on you!
Necleus Electron
Necleus Electron Sep 28, 2021 2:12PM ET
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nguyen nguyen, let me tell you something FACTS. There are a few state actors and propagandists in the world. These nations go around preaching human rights/democracy/humanitarian, but in actual fact they are intentionally creating conflicts between countries around the world. Why? ONE of the many reasons so that their weapons making companies can sell their weapons! Give you ONE of the many example, taiwan is another st//pid country that rather spent $23 billions purchase metals from US! In the end, who is the biggest beneficiary??? Yhese state actors love to name other nations propagandists and in actual FACT they are as equally superficial. Drill that down.
nguyen nguyen
nguyen nguyen Sep 28, 2021 2:12PM ET
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western peoples don't believe their government but Chinese believe their government always doing good things. So who does good propagandists? oh wait... Tiananmen square 1989. How does your government tell you about that incident? all governments over the world do propagandists. The western peoples had learned and known about that but Chinese people didn't. The reason Taiwan buying weapons is you- Chinese government. They don't believe in you. If Chinese got trust of nations
nguyen nguyen
nguyen nguyen Sep 28, 2021 2:12PM ET
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Chinese government never play by rules. They signed UNCLOS but they're bending the rules in South China Sea. If they do as the laws they signed, does nations around the sea have to arms race to against China? Chinese hate Japanese because all the things Japan fascist did on Chinese in WWII. But Chinese is going on the same way to become Chinese version of Japanese fascist. Please 🙏Chinese, you are a big country, don't be become what you hate the most.
Necleus Electron
Necleus Electron Sep 28, 2021 2:12PM ET
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wow! unclos somemore! what a faithful believer. you shud bleach yourself and change your name to white. Luckily vietnam has a smart PM. Although im not chinese, but i just cant stand those asians with no backbones.
 
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