Cabinet is inclined to name Karim Soaid as central bank governor in its session on Thursday, media reports said.

President Donald Trump said Monday he would levy a 25 percent tariff across the board on any country buying oil or gas from Venezuela, as he escalates trade wars with a number of US foes and allies.

"Venezuela has been very hostile to the United States and the Freedoms which we espouse," he wrote on his Truth Social network. "Therefore, any Country that purchases Oil and/or Gas from Venezuela will be forced to pay a Tariff of 25% to the United States on any Trade they do with our Country."

Stocks rose in morning trading Monday as Wall Street tries to navigate through uncertainty amid a trade war. The S&P 500 jumped 1.1%. It is coming off its first winning week after a four-week losing streak. The Dow Jones Industrial Average rose 0.7% and the Nasdaq composite rose 1.5%. Wall Street remains focused on how tariffs could eventually impact inflation, consumer spending and economic growth. Stocks have been riding waves of hope and worry as tariffs are announced, then either implemented or pulled. Genetics testing company 23andme plunged after it announced over the weekend that it had initiated voluntary bankruptcy proceedings.

THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

Stocks are falling in morning trading and Wall Street is on track for its fifth straight weekly loss. The S&P 500 was down 0.8% Friday. The Dow Jones Industrial Average fell 346 points, or 0.8%, and the Nasdaq composite fell 1%. Stocks have been broadly losing ground for weeks over uncertainty about the direction of the U.S. economy. A trade war between the U.S. and its key trading partners threatens to worsen inflation and hurt both consumers and businesses. Nike fell sharply as tariff and other concerns weighed on its financial forecast for the year. Treasury yields fell in the bond market.

THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.

Across wine country in France, Italy and Spain one number is top of mind: 200%.

That's because last week U.S. President Donald Trump threatened a tariff of that amount on European wine, Champagne and other spirits if the European Union went ahead with retaliatory tariffs on some U.S. products. The top wine producers in Europe could face crippling costs that would hit smaller wineries especially hard.

Questions are mounting in Canada and in Europe over whether big-ticket purchases of high-end U.S. weaponry, such as the F-35 Joint Strike Fighter, are still a wise strategic choice for Western countries worried about their investment in U.S. defense technology.

In less than two months, U.S. President Donald Trump has upended decades of foreign policy. He has left NATO members questioning whether Washington will honor the trans-Atlantic alliance's commitment to defend each other, if other European countries are attacked by Russia. He's also made repeat overtures to Moscow and suspended most U.S. foreign aid.

The Turkish lira plunged to an all-time low against the dollar on Wednesday, after police raided the home of Istanbul's powerful opposition mayor, Ekrem Imamoglu.

The currency was trading at 39 liras per dollar after the mayor, a key opponent of President Recep Tayyip Erdogan, was detained over a corruption probe, a move denounced by his opposition CHP party as a "coup".

With U.S. support for Ukraine in doubt, Kyiv's European allies are weighing whether to seize $300 billion in frozen Russian assets and use the money to compensate Ukraine, support its military and help rebuild shattered homes and towns.

For now, the assets are still on ice, with opponents of seizure warning that the move could violate international law and destabilize financial markets.

Cabinet failed Monday to approve a mechanism for administrative appointments, deciding to continue discussions in Thursday’s session, which had been dedicated to naming a new central bank governor, a media report said.

U.S. shoppers stepped up their spending just a bit in February after a sharp pullback the previous month, signaling that Americans are shopping more cautiously as concerns about the direction of the economy mount.

Retail sales rose just 0.2% in February, a small rebound after a sharp drop of 1.2% in January, the Commerce Department said Monday. Sales rose at grocery stores, home and garden stores, and online retailers. Sales fell at auto dealers, restaurants, and electronics stores.