President Donald Trump completed the final stop of his Indo-Pacific trip, securing billions of dollars in deals while visiting South Korea, including initiatives supporting American jobs, energy, technology, and a maritime partnership.
Korean Air will purchase 103 new Boeing aircraft valued at $36.2 billion, supporting up to 135,000 jobs across the United States. To power these new aircraft, Korean Air will also purchase state-of-the-art GE Aerospace engines in a separate deal valued at $13.7 billion.
$150 billion will be going toward a ship-building project led by South Korean companies; and U.S. auto tariffs will reduce from 25% to 15% under the deal.
Wichita-based Spirit AeroSystems building several components for Boeing planes; Boeing is in the process of re-acquiring the Wichita company.
Boeing reports Q3 revenue of $23.27 billion — higher than last quarter's $21.68 billion, and a 30% jump from a year ago.
Boeing's 777X remains behind schedule and has not yet been certified by regulators, leading to the company taking a nearly $5 billion charge because of the delay.
Boeing had announced Q3 commercial deliveries hit 160 jets versus the 150 delivered last quarter and 116 delivered in the same quarter a year ago.
The FAA has approved Boeing to raise its 737 Max production rate from 38 to 42 planes per month.
Eventually, Boeing's long-term goal for 737 Max production is 47 planes per month.
Boeing defense-work meanwhile, has stalled; Boeing defense workers at the plant in St. Louis rejected the company's latest contract proposal, sending the strike into its 13th week for 3,200 union-members.