The full consequences of the Donald Trump administration’s trade offensive have yet to be tallied, but one thing is for sure: In US aerospace giant Boeing’s high-stakes competition with Europe’s Airbus for China’s market, the tariffs aren’t helping.
Chinese President Xi Jinping could very well put an exclamation point on that sentence, if Airbus closes an US$18 billion deal with China in the coming weeks, as looks increasingly likely, according to a report on Wednesday from Bloomberg.
The European aircraft manufacturer has reportedly sent its chief executive officer, Tom Enders, and commercial aircraft president, Guillaume Faury, to China to complete the deal.
China’s aviation regulator said on Wednesday that it had met with Faury, but did not provide any further details.
Shares of Airbus rose more than 3% after the news.
Xi is expected to tout high-profile deals at the China International Import Expo in Shanghai, which begins on November 5, and may use the opportunity to demonstrate Boeing’s missed opportunity by announcing a big deal with its European competitor.
China’s aviation market is projected to become the world’s largest within the next 10 years.