Since President-elect Donald Trump's surprise election victory, trade is back in the spotlight in a way that it hasn't been, arguably, since the 1990s.
That is no surprise, given his tough talk during the campaign, which included calling the North American Free Trade Agreement "the worst trade deal ever signed" and dubbing the Trans-Pacific Partnership a "disaster" that he would abandon on day one of his presidency.
Into that charged atmosphere came Monday's ruling against aerospace giant Boeing (BA) by the World Trade Organization. The stock fell 0.17% on Monday, and is down again slightly on Tuesday.
The WTO ruled that the company received a tax break from Washington State where it is based in 2013 that violated the trade body's rules. In response, it recommended that the U.S. withdraw the incentive within 90 days.
The tax reduction is tied to Boeing's forthcoming 777X passenger jet. Specifically, it is contingent on the company using wings made in Washington State.
Boeing is already committed to do that, at a facility specifically built to produce the wings in Puget Sound.
The requirement raised red flags at Boeing rival Airbus, and the European Union disputed it and other incentives on the company's behalf.
As with many things surrounding the companies' decade-long brawl over subsidies, it is tough to pin down exactly how much money is at stake.
What is clear is that lawyers for both sides will be busy for years to come, as the ruling comes in the wake of a WTO judgment against Airbus and the EU in September, which is under appeal. The U.S. will likely appeal this round on behalf of Boeing, too.
In the background is a global aircraft business where subsidies are commonplace. The Canadian province of Quebec, for example, recently invested C$1 billion in Bombardier, a move that Brazil, home to rival business jet maker Embraer -- itself no stranger to direct and indirect subsidies -- has also questioned at the WTO.