Boeing Co was among a string of stocks facing heavy selling pressure on Tuesday after Donald Trump’s sweeping tariffs against China, Mexico and China came into force.
Shares in the aircraft maker slumped 5.5% to $160.76 as confirmation of Trump’s tariffs sparked retaliation from the likes of Canada.
According to the Aerospace Industries Association, Canada is the United States' largest import and third-largest export country for the sector by dollar value.
Boeing’s decline left it the biggest faller on the Dow Jones, while pressure also stretched to the likes of airlines.
Delta Air Lines Inc and United Airlines Holdings Inc shed 5.5% respectively also, as American Airlines Group Inc fell 3.3%.
“There's a feeling that people will have less discretionary spending available for holidays and vacations,” Running Point Capital’s Michael Ashley Schulman noted on the tariffs.
"Similarly, businesses may also reduce corporate travel in order to help keep their expenses in check and maintain margins.”