Shares of Canadian jet maker Bombardier Inc. fell as much as 7% before paring some of those losses, after President Donald Trump sent a social media post suggesting the company should be blocked from US sales.
“NO MORE SELLING BOMBARDIER IN THE UNITED STATES!” Trump wrote on Monday. “If they want our Market, they must build here, and stop treating America like a ‘piggybank.’”
The threat came hours before Prime Minister Mark Carney’s government implemented counter-tariffs of 15% to 50% on hundreds of products from the US. That move was retaliation for the latest US round of tariffs: 50% on about $20 billion of goods imported from Canada annually. The escalation started after the countries failed to reach a new trade deal on Aug. 21.
Shares of the aircraft manufacturer were down 5.2% to C$298.70 as of 9:57 a.m. in Toronto.
Bombardier’s stock price had already declined in the past few weeks as some investors feared a potential attack from the US administration. Trump proclaimed on July 9 that commercial aircraft may be targeted by tariffs under Section 232 of the Trade Expansion Act of 1962 because they are being imported “in such quantities and under such circumstances as to threaten to impair the national security.”