The Trump administration has shocked industry observers by choosing aerospace firm Boeing to build the US military’s next-generation F-47 fighter jets — beating out competitor Lockheed Martin.

U.S. President Donald Trump awarded Boeing BA.N on Friday the contract to build the U.S. Air Force's most sophisticated fighter jet yet, dubbed the F-47, handing the company a much-needed win.

Boeing (NYSE:BA) CEO Kelly Ortberg told employees that the Trump administration's new tariffs could significantly raise costs on parts imported from Canada, such as landing gear, and create ...