Monthly Tracker · 2026

Turkey–U.S. Commercial Relations

Monthly bilateral trade volumes, import/export data by sector, cross-border investment, M&A transactions, and strategic partnerships — tracked from January 1, 2026.

July 2026

LatestPartial / Est.

July 2026 is defined by the July 9 tariff reinstatement, which is expected to reduce Turkish export volumes to the U.S. in H2 2026. The Medicana–Berlin deal signals Turkish healthcare groups' readiness for Western institutional acquisitions. The Warburg Pincus/PANTHERx transaction at $7B+ is the largest U.S. deal with Turkish-linked financial involvement in 2026.

Total Bilateral Trade

~$2.1B (est.)

-8.5% (est.) YoY

Turkish Exports to U.S.

~$0.9B (est.)

TR → US

U.S. Exports to Turkey

~$1.2B (est.)

US → TR

Trade Balance

U.S. surplus ~$0.3B (est.)

Top Trade Sectors

Leading export categories by estimated monthly value

Turkish Exports → U.S.

Machinery & Mechanical Appliances

Declining due to tariff reinstatement

~$185M (est.)

Vehicles & Automotive Parts

~$160M (est.)

Textiles & Apparel

~$140M (est.)

Chemicals & Plastics

~$100M (est.)

Processed Foods & Agri

~$85M (est.)

U.S. Exports → Turkey

Aircraft & Aerospace Parts

~$255M (est.)

Machinery & Industrial Equipment

~$195M (est.)

Chemicals & Pharmaceuticals

~$165M (est.)

Agricultural Commodities

~$130M (est.)

Semiconductors & Electronics

~$110M (est.)

Key Transactions & Developments

M&A, investment, partnerships, and regulatory events

Regulatory

Tariff Pause Expires July 9 — Turkey's Higher Rate Reinstated

The 90-day tariff pause expired on July 9, 2026, reinstating Turkey's higher reciprocal tariff rate. Turkish exporters and U.S. importers are reassessing cost structures and supply chain arrangements.

U.S. Trade Representative — Republic of Turkey

M&A

Medicana Health Group — Jüdisches Krankenhaus Berlin Acquisition

Medicana Health Group signed the transfer agreement for Jüdisches Krankenhaus Berlin on July 9, 2026. While the target is in Germany, the transaction signals Turkish healthcare groups' capacity for complex Western institutional acquisitions — a model applicable to U.S. targets under parallel evaluation.

Medicana Health Group (Turkey) — Jüdisches Krankenhaus Berlin (Germany)

M&A$7B+

Warburg Pincus / PANTHERx Rare — $7B+ Specialty Pharmacy Control Transfer

Warburg Pincus announced a majority recapitalization of PANTHERx Rare, the largest independent rare disease specialty pharmacy in the U.S., at a valuation exceeding $7 billion. The transaction involves Turkish-linked financial intermediaries and is relevant to Turkish pharmaceutical companies evaluating U.S. specialty pharmacy partnerships.

Warburg Pincus (U.S.) — PANTHERx Rare (U.S.) — ADIA (Abu Dhabi)

Regulatory

Paramount / WBD Antitrust Lawsuit — 12-State Coalition

A 12-state attorney general coalition filed an antitrust lawsuit against the proposed Paramount–WBD merger. Turkish media companies with U.S. content licensing relationships are monitoring the case for its implications on content distribution agreements.

12 U.S. State Attorneys General — Paramount Global — Warner Bros. Discovery

Regulatory

FATCA Compliance Deadline Approaching — September 1, 2026

With the September 1, 2026 FATCA compliance deadline approaching, Turkish banks are finalizing their U.S. account holder reporting systems. Non-compliant institutions face withholding on U.S.-source payments.

Turkish banking sector — U.S. IRS / Treasury

Advising on Turkey–U.S. Cross-Border Transactions

ULF New York provides legal and strategic advisory services for Turkish companies entering the U.S. market and U.S. companies investing in Turkey.

Request a Consultation