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The Boeing logo on the first Boeing 737 MAX 9 airplane. Photo: Jason Redmond/AFP/Getty Images

Airplane manufacturers Boeing and Airbus will lose roughly $39 billion in combined plane contracts with Iranian carriers as a result of the Trump administration's reimposition of sanctions following the U.S. withdrawal from the Iran nuclear deal, the Washington Post's Steven Mufson and Damian Paletta report.

The backdrop: Both companies were reportedly the biggest beneficiaries of the Obama-era pact that eased sanctions on Iran in return for increased restrictions on its nuclear weapons program. In 2016, Airbus signed a deal to supply Iran Air with 100 airplanes for about $19 billion, and Boeing had a $20 billion contract to deliver 110 aircrafts. "The aircraft sales were among the most sought-after contracts for Iran," write Mufson and Paletta.

  • On Tuesday, Treasury Secretary Steven Mnuchin said the Boeing and Airbus licenses would be revoked.

But, but, but, Boeing's CEO Dennis Muilenburg has "downplayed the loss" of jetliner sales to Iranian air carriers, noting that the company hasn't started building any planes for Iranian carriers, Bloomberg reports. Meanwhile, Airbus had reportedly delivered three of the 100 planes it agreed to supply.

Go deeper

Updated 44 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 1 hour ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.

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