Congress returns to work faced with failed Iran peace talks and a worsening U.S. economy.
U.S.-Iran negotiations ended without an agreement this weekend while evidence of the war’s financial toll mounts.
An early gauge shows consumer sentiment among Americans hitting a historic low this month, while inflation climbed to 3.3% in March, the highest annual rate in nearly two years. The U.S. gasoline price index jumped 21%, the biggest monthly increase since the Labor Department began reporting the data back in 1967.
“The war in Iran is squeezing middle income and lower income households,” said Heather Long, chief economist at Navy Federal Credit Union. Food prices are currently flat, but likely to go up within the next few months, she added.
The economic indicators add even more urgency to a heavy workload in the House and Senate.
The budget season kicks off this week with several House Appropriation subcommittee hearings, including one focused on the U.S. Department of Agriculture.
Lawmakers also are trying to pass farm legislation to update key programs not dealt with in a partial ag bill last year. Other top goals include passing legislation to allow year-round sales of higher ethanol blends, known as E15, and getting roughly $15 billion more in federal aid to economically struggling farmers.
But agriculture priorities are at risk of being overshadowed in part by the partisan standoff over Department of Homeland Security funding.
Senate Budget Chairman Lindsey Graham, R-S.C., told Fox News on Friday that he intends to use the reconciliation process to bypass Democrats and advance legislation to fund DHS border patrol and ICE operations for the rest of Trump’s term.
Another major item coming up is the Trump administration’s expected request for $80 billion to $100 billion in funding for the Iran war, according to the Washington Post. That would be down from previous reports of $200 billion.
Iran stalemate
The failure to reach a peace deal with Iran is clouding the outlook for reopening the Strait of Hormuz. The U.S. made clear its “red lines,” but the Iranians chose not to accept the Trump administration’s terms, Vice President JD Vance told reporters.
“We need to see an affirmative commitment that they will not seek a nuclear weapon and they will not seek the tools that would enable them to quickly achieve a nuclear weapon,” Vance said.
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In response to the stalled negotiations, Trump on Sunday morning said he has instructed the U.S. Navy to blockade “any and all Ships trying to enter, or leave, the Strait of Hormuz,” and intercept any ships that have paid a toll to the Iranian government to pass.
“Iran will not be allowed to profit off this Illegal Act of EXTORTION,” Trump wrote to Truth Social.
Fertilizer prices – particularly urea relied on for growing grains and certain fruits and vegetables – have surged since the beginning of the conflict, and are likely to stay high in the near term, analysts say. Last week saw additional price pressures after India issued a tender to import 2.5 million tons, and Bloomberg reported that China could soon ban sulfuric acid exports – a key fertilizer input.
Trump said Saturday in a social media post that he is watching fertilizer prices closely, but focused his attention on market concentration in the U.S. economy, instead of actions overseas.
“The United States will not accept PRICE GOUGING from the fertilizer monopoly!” he wrote. “American Farmers, we have your back!”
Members of the Senate Commerce Committee will have a chance to ask Federal Trade Commission Chairman Andrew Ferguson about fertilizer and other industries at an FTC oversight hearing on Wednesday.
RFK Jr., Water Week, IMF and World Bank meetings
Health and Human Services Secretary Robert F. Kennedy Jr. and other members of Trump’s Cabinet are scheduled to testify on Capitol Hill.
Kennedy’s appearance overlaps with speaking engagements around Washington featuring Bayer Chief Executive Officer Bill Anderson. The CEO’s visit is ahead of April 27 arguments before the Supreme Court on whether federal law protects Bayer from state lawsuits related to the safety of the company’s glyphosate weedkiller Roundup.
Transportation Secretary Sean Duffy and Commerce Secretary Howard Lutnick are among speakers at an economic conference on the sidelines of IMF and World Bank Group spring meetings this week in the U.S. capital.
Water professionals from around the country are in Washington this week for polices conferences and other events during Water Week.
USDA in the Philippines, USTR on the Hill
On the trade front, USDA Deputy Undersecretary for Trade and Foreign Agricultural Affairs Michelle Bekkering will lead a trade mission to the Philippines this week.
Three state departments of agriculture and almost 60 agribusinesses and industry groups are set to join, according to a statement from USDA.
“Since the Philippines is one of the fastest-growing markets in Asia, this mission will connect U.S. exporters directly with reliable buyers, strengthen our trade relationship, and help keep American agriculture globally competitive,” Bekkering said.
U.S. exports to the Philippines currently stand at around $3.5 billion annually, down from a peak of $4 billion in 2022. In a December report, USDA identified dairy, poultry, ethanol, pork, beef, potatoes, confectionery and seafood as the most promising growth markets for U.S. exports.
Closer to home, U.S. Trade Representative Jamieson Greer will head down Pennsylvania Avenue to Capitol Hill to testify before lawmakers on a House Appropriations subcommittee. The White House has proposed a $7 million increase in funding for the agency in its fiscal 2027 budget request.
Expect Greer to defend that ask by pointing to the slate of new trade pacts the administration has secured and the need to add resources to effectively enforce those deals.
Here is a list of agriculture or rural-related events scheduled for this week in Washington and elsewhere (all times EST):
Monday, April 13
The International Monetary Fund and World Bank hold a week of meetings in Washington, bringing global economic and trade officials to the U.S. capital, through Saturday.
U.S. Deputy Agriculture Secretary Stephen Vaden is among speakers at a meeting of the North American Agricultural Journalists, through Tuesday.
Water Week events, including policy forums and meetings on Capitol Hill, through Saturday.
Semafor holds a world economy conference, with speakers including the CEOs of CF Industries and Bayer, U.S. Transportation Secretary Sean Duffy, U.S. Centers for Medicare & Medicaid Services Administrator Mehmet Oz and U.S. Commerce Secretary Howard Lutnick, through Friday.
The North American Renderers Association holds a spring meeting in Chicago, through Wednesday.
The National Child Nutrition Conference in Las Vegas, through Friday.
Tuesday, April 14
The International Dairy Foods Association holds an Ice Cream & Cultured Innovation Conference in Naples, Fla., through Wednesday.
8 a.m. – Bayer CEO Bill Anderson and Kip Tom, vice chair of rural policy at the America First Policy Institute, speak at a Made in America forum hosted by NOTUS.
9 a.m. – The International Food Policy Research Institute holds a seminar, Conflict in the Middle East: Reverberations for Food Systems.
Noon – The Council for Agricultural Science and Technology hosts a webinar, “Diversifying the Corn Belt: Policy Pathways for a Resilient Agricultural Future.”
Wednesday, April 15
The National Agri-Marketing Association holds a conference in St. Louis, through Friday.
The Meridian International Center and U.S.-Mexico Foundation co-host a North Capital Meridian Diplomacy Forum, convening more than 200 leaders from the U.S., Mexico, and Canada.
10 a.m. – The International Food Policy Research Institute holds a discussion on nutrition financing and global development.
10 a.m. – Restoration efforts in the Great Lakes region are examined in a Senate Environment Committee hearing, 562 Dirksen.
10 a.m. – Federal Trade Commission Chairman Andrew Ferguson appears before an FTC oversight hearing of the Senate Commerce Committee, 253 Russell.
10:15 a.m. – Russell Vought, director of the White House Office of Management and Budget, testifies before the House Budget Committee on President Trump’s fiscal 2027 funding request, 210 Cannon.
11 a.m. – The Center for Strategic and International Studies hosts a webinar with World Trade Organization Director-General Ngozi Okonjo-Iweala that asks Can the WTO Reform?
Noon – The National Agricultural Law Center hosts a webinar, Tariffs, IEEPA, Refunds, & Related Issues.
2 p.m. – The Energy Department’s budget is the focus of a House Appropriations subcommittee hearing, 2359 Rayburn.
Thursday, April 16
8:30 a.m. – USDA releases a weekly export sales report.
9 a.m. – Health and Human Services Secretary Robert F. Kennedy Jr. testifies before the House Ways & Means Committee, 1100 Longworth.
10 a.m. – The Army Corp of Engineers and Bureau of Reclamation budgets are the focus of a House Appropriations panel hearing, 2362-B Rayburn.
10 a.m. – CFTC Chairman Michael Selig testifies before the House Agriculture Committee, 1300 Longworth.
10 a.m. – U.S. Energy Secretary Chris Wright testifies before a House Energy panel budget hearing, 2123 Rayburn.
10:30 a.m. – The USDA budget is the focus of a House Appropriations panel hearing, 2359 Rayburn.
11 a.m. – The budget of the U.S. Trade Representative Office is the focus of a House Appropriations panel hearing, 2358-C Rayburn.
11 a.m. – The International Food Policy Research Institute hosts a panel discussion on agriculture insurance.
2 p.m. – The budget of the Health and Human Services Department is the focus of a House Appropriations panel hearing, 2358-C Rayburn.
4 p.m. – The U.S. Forest Service Budget is the focus of a House Appropriations panel hearing, 2008 Rayburn.
Friday, April 17
9 a.m. – The House Education & Workforce Committee holds a hearing on the priorities of the Department of Health and Human Services, 2175 Rayburn.
2:30 p.m. — The International Food Policy Research Institute co-hosts an event to launch the UN World Food Programme’s next-generation HungerMapLIVE platform, a global hunger monitoring system.
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