Boeing Co (NYSE:BA) has been in the news a lot lately, and it has nothing to do with the fact that it’s America’s largest exporter — it actually receives very little fanfare or press on that aspect.

As the target of President Donald Trump’s scorn over the cost of Air Force One, the company and its management quickly found themselves in the Oval Office. A string of government contracts have been flowing since, and it appears as though that earlier conflict has been resolved. The stock is currently taking a hit after earnings disappointed, but the company did beat on both the top and bottom lines.

The new fight is over Canadian plane manufacturer Bombardier Inc (OTCMKTS:BDRBF), which makes smaller jets in markets where Boeing often isn’t even a rival. Last month, Trump talked about leveling tariffs on some Bombardier jets that were being ordered by Delta Air Lines, Inc. (NYSE:DAL) for unfair subsidies and leverage.

However, Bombardier found an end-run (although perhaps temporary) around this by entering into a joint venture with Airbus and proposing to build the planes in America. This is a brilliant move, but it’s being contested by Boeing under the premise that the Canadian manufacturer received state aid dating back as far as 2008 and could “dump” its aircraft on the market at low prices.

Some may find this argument amusing since BA is a major beneficiary of the Export-Import Bank of the United States, which is also sometimes referred to as “Boeing’s Bank.” About 40% of the bank’s annual financing goes to subsidizing BA plane purchases by foreign airlines that are often preparing to compete in routes against established U.S. carriers.

Benefits of a Strong Global Economy on BA Stock

The drama is going to be a hoot to watch play out — the U.S. Department of Commerce recently slapped Bombardier with a 300% trade tariff — but it’s important that you don’t lose sight of the real investment story here, which revolves around the surge in the global economy.

Already, about 70% of BA’s commercial business is done outside the United States, and that is also expected to grow over the next two decades, with management forecasting deliveries of 41,000 planes worth $6.1 trillion.

Similar to other large manufacturers, BA’s commercial airplane demand is driven mostly by China and the rest of Asia. While American cities accounted for 14 of the top 20 busiest airports in the world in 1996, that number has since dwindled down to four.

Boeing also benefits from the drumbeat of war that could see Japan shift from its passive constitution to confront an imperialistic China and bombastic North Korea.

In fact, we’re already seeing defense stocks rally on turmoil in the region and elsewhere around the world. And the Street has taken notice, with the consensus for BA’s fiscal 2018 earnings having edged up to $10.85 a share from $10.31 just three months ago.

I’m not always one for puns, but in this case there is one that fits perfectly. When it comes to Boeing, the sky really is the limit.

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