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But when CNBC's Jim Cramer saw shares of the aerospace giant soar over 3 percent on Wednesday, he took it as a sign that China tensions may not weigh as heavily on Boeing's earnings as Wall Street thinks.
"Ever since the president decided to get tough on trade, the stock of Boeing has been trading like it's about to lose a big order from Chairman Mao Airlines," the "Mad Money" host said.
Shares of Boeing, which said it planned to sell $1 trillion worth of aircraft to China over the next two decades, were especially hurt by China's April tariffs on 106 U.S. products. The move was viewed as a retaliation to President Trump's proposed list of tariffs on Chinese goods.
Trade talks with the People's Republic have gotten more complicated of late, however. On Sunday, China warned that any trade deals made with U.S. negotiators may "not take effect" if Trump enacts additional tariffs. On Monday, reports indicated that negotiations seemed to stall.
Still, Boeing's Wednesday rally served to improve the outlook for the company, indicating to investors that its strength was not tied solely to its business in China, Cramer said.
"Given that Boeing is a quintessential industrial and our biggest exporter, what can I say? [This] is a terrific sign," he told viewers, noting that Boeing's CEO, Dennis Muilenburg, has been "demonstrably quiet" about China.
"Let me say something: there are literally a dozen airline purchasers who would love to get in the queue if China drops out, and that's despite the recent declines in the airline stocks because of [a] 50 percent increase in the price of fuel, " the "Mad Money" host added.
Shares of Boeing closed Wednesday's trading session at $371.56, 4 cents away from its 52-week high of $371.60. On Monday, the aerospace giant announced a joint venture with French engine manufacturer Safran to build and service key components in commercial aircraft.