2 weeks Ago By Moneycontrol
China has told its airlines to stop receiving deliveries of Boeing's aircraft as trade war between US and Beijing escalates, according to a Bloomberg report citing sources. The development comes amid the ongoing tariff war between the world's two biggest economies. Additionally, China also told its carriers to stop pruchasing aircraft-related equipment and parts from US companies.
Last week, Washington announced levies of up to 145 per cent on imports from China. In retaliation to what calls unlawful "bullying", China imposes retaliatory duties of 125 per cent on US imports. Beijing's reciprocal tariffs on US imports would likely have triggered significant rises in the cost of purchasing aircraft and components.
Bloomberg further reported that the Chinese government is trying to help carriers that lease Boeing jets and face higher costs. Meanwhile, Trump had announced an abrupt freeze on further hikes last week but gave Beijing no immediate reprieve. US officials on Friday announced exemptions from the latest duties against China and others for a range of high-end tech goods such as smartphones, semiconductors and computers.
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