Turkey's President Erdogan vows to challenge economic threats

Emerging market stocks in bear territory after 20 percent drop since January

Emerging market stocks in bear territory after 20 percent drop since January

Turkish President Recep Tayyip Erdogan on Saturday warned against threatening his country with sanctions.

"We will not surrender to those who present themselves as a strategic partner while at the same time trying to make us a strategic target", Erdogan said at a congress of his ruling Justice and Development Party (AKP).

Erdogan told thousands of supporters in Ankara that Turkey is "threatened by the economy, sanctions, foreign currency, interest rates and inflation", The Associated Press reported.

And Turkey on Friday threatened to respond in kind if Washington imposed further sanctions, while a court rejected another appeal to free pastor Andrew Brunson, who has been held for nearly two years on terror charges.

Erdogan said that Turkey would never bow before those "who set up their own order by exploiting the world". If the evangelical pastor is found guilty, he will face up to 35 years in jail.

Trade talk hopes lift stocks
Marine transportation, precision instrument, and mining-oriented issues comprised those that gained the most by the close of play. Easing trade tensions gave relief to tariff-vulnerable industrials, which led the Dow Jones Industrial Average's advance.

U.S. President Donald Trump speaks to reporters upon his departure from the White House in Washington, U.S., August 17, 2018. "So, we haven't seen the last of that".

"Turkey did not and will not surrender to those which try to make Turkey as a strategic target", he said in reference to the US without naming the country.

On Friday, ratings agencies Standard & Poor and Moody's downgraded Turkey's credit rating further to "junk" status.

Last Wednesday, in retaliation, Turkey increased tariffs on several US -origin products, including alcohol and tobacco products and cars.

Turkey and the USA also disagree over their military interventions in the Syria war, Ankara's plan to buy missile defense systems from Russian Federation and the U.S. conviction of a Turkish state bank executive on sanctions-busting charges in January.

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