The Chinese commerce ministry stated that U.S.-imposed tariffs have adversely affected Chinese airlines and Boeing (NYSE:BA). The ministry has called on Washington to consider the grievances of these companies and promote a stable trade environment.
What Happened: This marks Beijing’s first remark on the tariffs’ impact on the aviation sector since Boeing returned three 737 MAX planes, initially stationed in China for delivery to Chinese customers, back to the U.S,, Reuters reported on Tuesday.
Last week, Boeing disclosed that due to the tariffs, multiple Chinese customers have refused to accept delivery of new planes, leaving the company to find new buyers for potentially dozens of aircraft. Beijing has also signaled concern over the consequences of the trade war.
The ministry underscored China’s readiness to back normal business collaboration between the two countries and urged Washington to create a predictable trade and investment environment. “China’s affected airlines and Boeing have suffered greatly,” the ministry noted, emphasizing that the U.S. tariffs have disrupted global supply chains, air transport, and investment activities.
Why It Matters: Beijing recently instructed Chinese airlines to halt new Boeing orders and get approval for pending deliveries, making the company the latest U.S. firm affected by the U.S.-China trade war.
Boeing closed 2.44% higher on Monday following Bernstein's upgrade of the stock from a Market Perform to an Outperform rating and an increase in its price target from $181 to $218.
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