Korean Air orders 103 Boeing planes during South Korean President Lee's meeting with Trump

Investing.com- Korean Air announced on Monday its largest order for 103 Boeing Co (NYSE:BA) aircraft, its largest ever. The statement came during South Korean President Lee Jae Myung's meeting with US counterpart Donald Trump in Washington.

The order will consist of 20 777-9s, 25 787-10, 50 737-10 and eight 777-8 Freighters, which the Korean flag carrier says will “optimize fuel efficiency across the global network.”

Boeing and Korean Air confirmed the order in a joint statement on Monday evening after Reuters reported on the matter earlier in the day.

In addition to the Boeing order, Korean Air also signed a service agreement with GE Aerospace (NYSE:GE), whose engines will be installed in Boeing aircraft.

The agreements came during Lee's meeting with Trump in Washington as part of a summit to discuss further U.S.-Korean economic cooperation.

The Boeing order comes after South Korea promised to increase its purchases of U.S. goods in part to appease the Trump administration and avoid high tariffs. Seoul signed a trade agreement with Washington at the end of July.

Under trade agreements with the United Nations, several other countries have also pledged to buy more Boeing aircraft. Chinese carrier Cathay Pacific Airways Limited (HK:0293) had ordered 14 Boeing aircraft in early August.

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