"So far, China hasn't proposed anything that has significant [impact] on Boeing, but of course that could change," Reed said. "If the current trade skirmish with China were to escalate into a full-blown trade war, it could potentially have a materially negative impact on corporate earnings growth," he said. But the inexorable march toward a trade war with China took a significant step forward." "Trade tensions appear to escalate. "Any weakness in stocks based on trade rhetoric continues to be a buying opportunity," he said, adding that "this is a war of trade rhetoric rather than a war of trade tariffs and reflective of President Trump's negotiating style".