President Trump’s threats of trade wars and tariffs have scrambled several industries — and one of them is aviation. China has announced that it will be diverting some of its business away from longtime partner Boeing (NYSE:BA) and purchasing jets from its European rival Airbus (OTC:EADSY).

Boeing stock is down almost 8% in the past month.

Is Trade War Talk a Major Issue for Boeing?

Boeing is one of the true blue chips of American business, dominating its industry since before most of us were born. Is the current controversy a long-term threat to its position or just some brief turbulence?

China’s deal with Airbus is quite substantial, amounting to almost $18 billion over the next several years. Even for a huge company like Boeing, missing out on that much business will put a noticeable dent in revenue.

The trade wars come at a bad time for U.S. exporters in general, as the resurgence of the dollar is already raising the prices of things they are trying to sell. Almost all of Boeing’s overseas sales are denominated in U.S. dollars.

Any analysis of the aviation business must consider the price of jet fuel, which has been rising in recent months. As carriers like United Airlines (NYSE:UAL) and Delta Airlines (NYSE:DAL) face these increased costs, they might decide to scale back their purchases of new aircraft.

Foreign airlines are also feeling the pinch, and may have less ability to handle it than U.S. carriers. In January, the Indonesian airline Garuda said it would postpone delivery of 10 aircraft it had tentatively agreed to buy from Boeing.

Bottom Line on BA Stock

So that’s the bad news. What about the other side? Boeing has had a dominant market share in an important industry for decades. In the aviation business, reputation counts for a lot, since the consequences of failure are so dire. Boeing has well-established relationships with both suppliers and customers all around the world.

The company’s free cash flow is estimated at $5 billion, giving it the flexibility to ride out short-term setbacks.

While the stock price is down in recent weeks, it scored a dramatic 88% increase in 2017. In fact, it was the biggest winner in the Dow Jones Industrial Average that year. The recent pullback has recalibrated its price-to-earnings ratio to a reasonable 22.

So, Boeing remains a good choice for long-term growth, no matter what happens with Trump’s trade policies. The recent decline should be seen as a buying opportunity.

Thomas Scarlett does not own any of the stocks mentioned in this article.