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Life after the elections: Trump leaves Turkey arms test for Biden

Ags - Softs 129 Cons. Discr. - Apparel 449 ESG 59 Elections 121 Industrials - Aero/Defense 191 Materials - Packaging 44 Sanctions 134 Turkey 59 U.S. 5193

The U.S. State Department has withdrawn export approvals for sales to Turkey’s state arms buyer SSB after the latter’s purchase of Russia’s S-400 missile system. That continues trade-policy based pressure applied by the Trump administration against Turkey. The continuance or otherwise of those sanctions will be an early test for President-elect Biden. Turkey only represented 3.0% of U.S. arms exports in the 12 months to Oct. 31. While there had been a 58.5% surge compared to a year earlier in supplies to Turkey they were still 20.0% lower than in 2016. Turkey might respond with economic ...

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