© Reuters. Trudeau, May to press Trump to intervene in Boeing-Bombardier rift
- Prime Minister Justin Trudeau says Canada will not buy Boeing (BA +1.7%) fighter jets while the company pursues a trade challenge against Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) over the C Series commercial aircraft.
- Trudeau made his threat to halt Canada’s $5.2B list price purchase of F-18 Super Hornets alongside U.K. Prime Minister Theresa May at a meeting today of the two leaders who are pressing Boeing to drop its challenge.
- May says she will press Pres. Trump this week about BA’s trade challenge, which she says could endanger thousands of aerospace jobs in Northern Ireland.
- The U.S. Commerce Department is investigating whether to impose countervailing duties on the Bombardier planes, with a preliminary ruling expected Sept. 25 and a separate decision on anti-dumping duties expected Oct. 4; final determinations and orders are not likely until 2018.
- Meanwhile, BA extends the rally that has carried shares nearly 8% higher since Sept 6, now trading at all-time highs; it is the biggest gainer YTD for the Dow, up 62.5%.
- Now read: Boeing 787 Needs Aggressive Cost Cutting