Boeing surges after Lutnick says the UK is about to announce a $10 billion order

Boeing climbed 3.3% on Thursday, following comments made by Commerce Secretary Howard Lutnick that the UK would soon announce a $10 billion order from the plane manufacturer.

“We’ve agreed to let Rolls-Royce engines and those kind of plane parts to come over tariff-free,” Lutnick said from the Oval Office. “What you’re going to hear today is there’s going to be an announcement in the UK that they’re buying $10 billion worth of Boeing planes.”

Boeing and rival Airbus, which have both been largely exempt from tariffs since the 1980s, have struggled under the levies, with airlines refusing to pay extra costs for orders. As the trade war escalated, Chinese airlines last month began returning Boeing planes to the US.