GORA-BOKKA, Ethiopia/OTTAWA – President Donald Trump on Wednesday said the United States would ground Boeing Co’s 737 MAX jets, following Europe and other nations that have already stopped the planes flying due to safety concerns, following an Ethiopian Airlines crash on Sunday.

Boeing continues to have full confidence in the safety of the 737 MAX.  However, after consultation with the U.S. Federal Aviation Administration (FAA), the U.S. National Transportation Safety Board (NTSB), and aviation authorities and its customers around the world, Boeing has determined — out of an abundance of caution and in order to reassure the flying public of the aircraft’s safety — to recommend to the FAA the temporary suspension of operations of the entire global fleet of 371 737 MAX aircraft.

Boeing shares, which were up earlier in the session, fell 2 percent to $367.70. The shares have fallen about 13 percent since the crash, losing more than $25 billion of market value.

Photo Rob Vogelaar