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3/13/2019, 7:35 PM (Source: TeleTrader)
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Trump: Boeing 737 MAX grounded

United States President Donald Trump stated on Wednesday that, "effective immediately," Boeing 737 MAX 8 and 9 aircraft will be grounded. The president's decision follows a series of similar moves by a number of countries, including Mexico, Canada, China, Singapore, as well as the European Union. Last weekend, an Ethiopian Airlines Boeing 737-8 MAX crashed leaving 157 dead.

"We’re gonna be issuing an emergency order of prohibition to ground all flights of the 737 max 8 and the 737 max 9 and planes associated with that line," Trump told reporters at the White House. "Any plane currently in the air will go to its destination and thereafter be grounded until further notice," he added.

Earlier in the week, The US Federal Aviation Authority (FAA) said that Boeing 737 MAX is safe, after which the company stated it would not issue any updated guidance to its operators. Following the statement, however, President Trump spoke to Boeing Chief Executive Officer Dennis Muilenburg over the phone.

Following Trump's announcement, Boeing shares fell 2.19% at 2:41 pm ET, to trade at $373.98.

Baha Breaking News (BBN) / SS