Trump Urges Cancellation Of Costly New Air Force One Plane

Boeing stock slipped 1.2 percent in early trading trading Tuesday after President-elect Donald Trump tweeted that the cost of a new Air Force One jet was too high and that the government should cancel its contract with the aerospace giant.

“Boeing is building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion. Cancel order!” Mr. Trump’s tweet said.

Like other defense stocks, Boeing’s had risen since Mr. Trump won the election, up by 7 percent through Monday’s market close. Until the president-elect’s tweet appeared, the company’s pre-market price was unchanged, then promptly slid 1 percent.

Mr. Trump’s assessment of the new flying White House’s cost may be inflated. According to military.com, the U.S. Air Force has budgeted $1.65 billion for a new Boeing 747-8 to replace the 30-year old jumbo jet that has served five presidents. 

There likely will end up being two new Air Force Ones in service when the replacements are slated to start flying in 2024.