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Turkish President Recep Tayyip Erdoğan. Photo: Adem Altan/AFP via Getty Images

Turkey's foreign ministry summoned the U.S. ambassador to Ankara over President Biden's recognition of the Armenian genocide, the state-run Anadolu news agency reported.

Driving the news: Biden on Saturday said the systemic killing and deportation of Armenians by Ottoman Turkish forces in the early 20th century constituted an act of genocide, angering Turkey who rejected the declaration.

  • "Each year on this day, we remember the lives of all those who died in the Ottoman-era Armenian genocide and recommit ourselves to preventing such an atrocity from ever again occurring," Biden said.

What they're saying: "This statement of the US, which distorts the historical facts, will never be accepted in the conscience of the Turkish people, and will open a deep wound that undermines our mutual trust and friendship,” Turkey's foreign ministry said in a statement.

  • Ibrahim Kalin, a spokesperson for Turkish President Recep Tayyip Erdoğan, tweeted that Turkey "strongly" condemns and rejects Biden's declaration. He encouraged Biden "look at his own history and present."
  • Turkish officials conveyed the government's "strong reaction" to U.S. Ambassador David Satterfield, according to Anadolu.

Go deeper: Armenian prime minister praises Biden for recognizing genocide

Go deeper

Biden formally recognizes atrocities against Armenians as genocide

President Biden speaking in the White House on April 23. Photo: Jim Watson/AFP via Getty Images

President Biden on Saturday formally recognized the mass killing of Armenians by Ottoman Turkish forces as an act of genocide.

Why it matters: The unprecedented designation, which comes on Armenian Remembrance Day, will likely infuriate Turkish President Recep Tayyip Erdoğan, who has previously warned a genocide declaration would harm U.S.-Turkey relations.

Dan Primack, author of Pro Rata
24 mins ago - Economy & Business

Scoop: Sweetgreen files for IPO

Illustration: Sarah Grillo/Axios

Sweetgreen, one of the earliest "better for you" quick-serve restaurant chains, has filed confidentially for an IPO, Axios has learned from multiple sources.

Why it matters: The company has been a rumored IPO candidate for years, and now is coming out as a post-pandemic growth play.

Investors fear inflation, labor shortages in second half of 2021

Illustration: Sarah Grillo/Axios

Investors entered 2021 concerned about the transition to a new U.S. president, the form of new fiscal stimulus, the distribution of vaccines and the reopening of the economy. Now, top risks include supply chain bottlenecks, labor shortages, inflation and slower GDP growth.

Why it matters: Stocks have rallied almost unabated for over a year, leaving many to wonder if the market is overdue for a big selloff. Last week's declines amplify those concerns.