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Boeing, Airbus to lose $39 billion in contracts because of Trump sanctions on Iran

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May 9, 2018 at 12:29 p.m. EDT
In this Feb. 5, 2018, file photo, Boeing worker Paul Covaci reaches out to touch a Boeing 737 MAX 7, the newest version of Boeing's fastest-selling airplane, during a debut for employees and media of the new jet in Renton, Wash. (Elaine Thompson/AP)

Boeing and Airbus will lose contracts worth roughly $39 billion to replenish Iran’s aging fleet of commercial planes as part of the Trump administration’s reimposition of sanctions.

“The Boeing and Airbus licenses will be revoked,” Treasury Secretary Steven Mnuchin told a group of reporters Tuesday. “The existing licenses will be revoked.”