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Trump Grounds Boeing 737 Max In US, Shares Tumble

President Donald Trump on Wednesday announced the United States is grounding Boeing 737 Max 8 and 9 planes effective immediately, following other nations after a deadly crash last weekend in Ethiopia.

Trump made the announcement on Boeing (BA) planes at a briefing on drug trafficking, saying the accident was “tragic.”

Boeing shares turned lower after Trump’s announcement. Trump said he discussed the grounding with Boeing CEO Dennis Muilenburg, Transportation Secretary Elaine Chao and acting Federal Aviation Administration administrator Daniel Elwell.

President Donald Trump on Wednesday announced the U.S. is grounding Boeing 737 Max 8 and 9 planes effective immediately, following other nations after a deadly crash last weekend in Ethiopia.

Trump made the announcement on Boeing BA, +0.20%   planes at a briefing on drug trafficking, saying the accident was “tragic.” Boeing shares turned lower after Trump’s announcement.

Trump said he discussed the grounding with Boeing CEO Dennis Muilenburg, Transportation Secretary Elaine Chao and acting Federal Aviation Administration administrator Daniel Elwell. “They are all in agreement with the action,” Trump said. “The safety of the American people and all people is our paramount concern.”

He called Boeing an “incredible company” that is working hard to come up with an answer.

The president has gotten flack from the left and right over the government’s decision not to ground the planes earlier, with at least one senator — Democratic presidential candidate Elizabeth Warren — saying Congress should investigate the relationship between the Trump administration and the company.

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