US regulators reversed course Wednesday and will ground Boeing Co.’s top-selling 737 Max family of airliners amid safety concerns about the crash of one of the planes in Ethiopia on Sunday, President Donald Trump said.
“The safety of the American people and all people is our paramount concern,” Trump said Wednesday at the White House. “Hopefully they will very quickly come up with the answer but until they do the planes are grounded.”
The move is a major blow to Boeing, which has lost billions of dollars in value this week as a nation after nation announced they were barring the aircraft from flying. The Federal Aviation Administration’s expected action followed Canada’s decision to halt Max flights earlier Wednesday.
