Boeing to lose $20B as Trump withdraws from Iran pact: report

Boeing to lose $20B as Trump withdraws from Iran pact: report
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Boeing will reportedly lose billions of dollars in deals with Iranian airline companies after President TrumpDonald John TrumpSchiff urges GOP colleagues to share private concerns about Trump publicly US-China trade talks draw criticism for lack of women in pictures Overnight Defense: Trump to leave 200 troops in Syria | Trump, Kim plan one-on-one meeting | Pentagon asks DHS to justify moving funds for border wall MORE announced that the U.S. will be withdrawing from the Iran nuclear deal.

Boeing is losing a $17 billion contract to deliver 80 aircraft to Iran Air, according to The Washington Post, which added that deliveries were expected to be completed by 2025.

That is in addition to another 30-airplane agreement between Boeing and Iran’s Aseman Airlines for $3 billion, the newspaper said. 

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“We will consult with the U.S. Government on next steps. As we have throughout this process, we’ll continue to follow the U.S. Government’s lead,” Boeing Vice President Gordon Johndroe said in a statement, according to the Post. 

Trump announced Tuesday that sanctions will be reimposed on Iran as the U.S. pulls out of the international pact intended to keep Iran from obtaining nuclear weapons. 

Treasury Secretary Steven MnuchinSteven Terner MnuchinHuawei CEO: Daughter's arrest was 'politically motivated' Top Chinese official heading to Washington for trade talks The Hill's Morning Report - Trump faces mounting challenges to emergency declaration MORE said the Trump administration is also canceling waivers for the sale of commercial aircraft parts, the Post noted.

“These sanctions do impact all of the major industries,” Mnuchin said. “These are very, very strong sanctions; they worked last time. That’s why Iran came to the table.”