If China decides to respond to President Donald Trump's announcement Thursday to slap $60 billion of tariffs on Chinese goods, the path to revenge could begin with Boeing, the darling of the rising stock market on which Trump has staked his claim to economic credibility.
The measure is partly "based on USTR's 301 investigation into China's state-led, market-distorting efforts to force, pressure, and steal U.S. technologies and intellectual property," principal Deputy Press Secretary Raj Shah said in a statement Wednesday.
The tariffs will be imposed under Section 301 of the 1974 U.S. Trade Act, focusing on Chinese high-tech goods. Trump says Beijing has forced U.S. firms to transfer their intellectual property to China as a cost of doing business there.
Washington is also pressing China to reduce its staggering $375 billion trade surplus with the United States by $100 billion.
The Chicago-based maker of airplanes for both military and civilian use contributed 24 percent of the gain in the Dow Jones Industrial Average since December 2016, said Howard Silverblatt, senior industry analyst for Index Investment Strategy for S&P Dow Jones Indices. More than 1,200 points of the Dow's rise stems directly from the 117 percent jump in Boeing stock since then.