China has ordered its airlines to halt all jet orders from American manufacturer Boeing in response to President Trump hitting the country with tariffs as high as 145% on Chinese goods, according to a report.
Beijing has additionally told Chinese carriers to not purchase any aircraft-related equipment from American companies, Bloomberg News reported, citing people familiar with the matter.
The order comes after China imposed a 125% tariff on American goods over the weekend, which on its own would have doubled the cost of US-made aircraft and parts, Bloomberg reported.
Boeing shares dipped 3% in premarket trading Tuesday over the pause in shipments to China, which the company views as one of its biggest growth markets despite being dominated by rival Airbus.
The Chinese government is looking at ways to provide assistance to airlines that lease Boeing jets and are facing higher maintenance costs, according to Bloomberg.
The Post has reached out to Boeing for comment.
Meanwhile, China earlier this month stopped shipping rare earth metals and magnets critical to US production of everything from cellphones to fighter jets as the back-and-forth trade war between the two countries rages on.
China on April 3 stopped exporting seven heavy rare earth metals and magnets processed exclusively in the Asian powerhouse.
Roughly 90% of the world’s supply is synthesized on Beijing’s territory.
The rare metals are “in everything” — especially in tech, electric vehicle, aircraft and defense sectors, according to Drew Horn, the top US official on strategic minerals and energy supply chain development in Trump’s first administration.
“China,” Horn told The Post Monday, “has essentially created an all-powerful monopoly with them.”
The export halt applies to all countries, but access to elements like dysprosium and yttrium is critical to US industry.
Horn noted that China has the leverage “to basically cut us off and cut the world off, which essentially cuts us off through all sorts of different means.”
Horn warned that safeguards are needed to shield potential American competitors and their customers from Chinese retaliation. He used Boeing as an example, warning that retaliatory actions by Beijing “would basically be to go through the entire Boeing supply chain, throughout their entire ecosystem, and basically cut them off.”
With Post wires