Boeing’s return to the Chinese market is taking shape — just not as fast or as big as Wall Street had hoped.
Trump told reporters on Thursday that a 200-plane order from China was in the works. Boeing stock dropped 4.7% on the news. It fell another 1.3% in Friday’s premarket.
The market’s reaction tells the story. Investors had been waiting months for a China deal, and the number they had in mind was closer to 500 planes.
Boeing stock was trading around $220 on Thursday. The S&P 500 and Dow each gained roughly 0.8% on the same day, making Boeing’s drop stand out.
Then on Friday, Trump raised the ceiling. He told reporters that China has agreed to buy 200 Boeing jets, with a potential commitment to purchase up to 750 planes. The aircraft would carry General Electric engines.
If fully realized, the deal would be Boeing’s first major Chinese order in nearly a decade.
China hasn’t placed a new 737 order in years. Its airlines have been largely quiet on aircraft purchases since Covid disrupted global travel.
From 2010 to 2019, China accounted for more than 20% of Boeing’s deliveries. Today, it represents just about 2% of Boeing’s current backlog of undelivered aircraft.
Boeing estimates China will need around 8,800 new planes over the next 20 years to keep up with rising air travel demand. That’s a market no manufacturer is going to walk away from.
CEO Kelly Ortberg, who was brought in during 2024 to lead a turnaround, was part of the U.S. delegation on Trump’s trip.
Even without the China deal, Boeing has plenty of work queued up. The company currently holds more than 6,800 unfilled jet orders globally.
The challenge has been getting planes out the door fast enough. Boeing has spent years dealing with internal manufacturing and design problems that slowed production.
Those issues are a big reason the stock is still down roughly 45% from its early 2019 record high.
Boeing stock did recover from its March 2026 lows, which were driven by rising oil prices after fighting broke out in Iran. Benchmark international oil prices remain above $105 a barrel.
High oil prices are a concern for Boeing because they squeeze airline margins, which can soften demand for new aircraft.
Treasury Secretary Scott Bessent had told CNBC ahead of Trump’s announcement that he expected “large Boeing orders” from China, which added to investor anticipation.
Boeing stock was up 6% year to date and 12% over the past 12 months through Thursday’s close.
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