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US airline stocks plunge on Trump move to end stimulus talks

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WASHINGTON (REUTERS) - Shares of major airlines fell on Tuesday (Oct 6) after US President Donald Trump said his administration would abandon talks with congressional Democrats over proposals to spend at least US$1.6 trillion in additional coronavirus relief funds.. Read more at straitstimes.com.

WASHINGTON - Shares of major airlines fell on Tuesday after US President Donald Trump said his administration would abandon talks with congressional Democrats over proposals to spend at least US$1.6 trillion in additional coronavirus relief funds.

American Airlines and United Airlines last week began laying off 32,000 workers, but had said they would reverse course if lawmakers reach a deal. Association of Flight Attendants-CWA International President Sara Nelson said"Trump issued one tweet to blow up the deal and leave millions of essential workers in freefall. Senate Republicans will own this cruel maneuver that puts our economy in a tailspin unless they demand COVID relief now."US airlines are collectively burning about US$5 billion of cash a month as passenger traffic has stalled at around 30 per cent of 2019 levels.

 

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