TORONTO, Jan 26 (Reuters) - Canada's main stock index rose on Friday, led by shares in Bombardier Inc, which closed up more than 15 percent after it won an unexpected trade victory against USA planemaker Boeing Co.
The vote effectively shelves two tariffs, totaling almost 300%, that the U.S. Commerce Department wanted to impose on Bombardier.
The U.S. -based aerospace company said it will review the commission's detailed opinions when they are released.
Bombardier also argued that the commission should reject the petition in part due to its new partnership with Airbus SE, which will see the European planemaker take control of the CSeries program and assemble US -bound jets in a facility in Alabama. It means the ITC disagrees with Boeing that the C Series benefited from massive state subsidies that allowed the airliner to be sold in the United States at less than fair value.
Boeing said Bombardier's cheap planes ended up cutting into the US market for similar Boeing planes.
In response to the ITC ruling, Boeing said that it would continue to document any harm inflicted on itself or the aerospace USA supply chain by illegal subsidies.
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The vote effectively nullifies the 299.45% tariff proposed by the Department of Commerce in October.
"We are extremely proud of our employees, investors and suppliers who have worked together to bring this remarkable aircraft to the market." Susan Fitzgerald, Unite regional officer for the union's membership at Bombardier in NI said that the decision "showed what could be achieved when workers stood together, organised and mobilised to defend their interests".
"The ruling confirms the right of the Canadian and Quebec governments to engage in industrial policy to safeguard jobs and support high tech innovation", said Renaud Gagné, Unifor Quebec Director. It is also a victory for U.S. airlines and the USA traveling public.
A big ruling today concerning Bombardier, the Canadian airplane maker that's looking to partner with Airbus and build a new production line in Mobile.
"We're committed to creating jobs in the USA", he said.
Three months ago, with the jetliner's access to the US market in doubt, Bombardier turned to a powerful partner: Airbus SE. Last year, the number of anti-dumping and countervailing duty investigations launched by the Commerce Department rose more than 60 percent. "The plane's going to be assembled in Alabama for the US market, therefore it's creating American jobs", he said. "We are pleased that the ITC have now recognised this", he said.
Delta Air Lines Inc. said it looks forward to introducing the CS100 to its fleet.
Bombardier fought against a 292 per cent tariff after Delta Airlines ordered a jets from the manufacturer - which has a large factory in Belfast.