Video: Trump joins UAE and 50 other countries in banning 737 MAX

Boeing's market value plunges as US president Donald Trump grounds all 737 MAX models from national airspace, joining 50 other countries that have done the same.
Trump, Boeing, Boeing 737 MAX, Ethiopian airlines

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Boeing 737 Max crisis escalated overnight, with the Federal Aviation Administration in the United States issuing a directive banning all operations of the model in the country.

The move came following growing international concern over the airworthiness of Boeing's 737 Max 8 aircraft following the Ethiopian Airlines crash on Sunday, which killed all on-board.

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The directive from the FAA came following an announcement by US President Donald Trump that he was grounding all Boeing 737 Max 8 and 9 aircraft.

This makes the United States the latest of 50 countries that have now grounded or banned the planes inside their airspace.

Concerns centre on the fact that the Ethiopian Airlines crash bore similarities to a Lion Air 737 MAX crash five months ago, also killing all passengers and crew.

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Both accidents are still being investigated. The block box from the Ethiopian Airlines plane was recovered Thursday and has been flown to Paris for analysis.

The crisis has taken a significant toll on Boeing, the largest plane maker in the US.

Its stock plunged 3% following Trump’s announcement, and is down more than 10% since Sunday, wiping out more than US $25 billion of the company’s market value.

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