Authored by Savannah Hulsey Pointer via The Epoch Times (emphasis ours),

More than 450 Transportation Security Administration agents have quit since the start of the partial Department of Homeland Security (DHS) shutdown.

The partial shutdown has been ongoing since March 15, when funding for the agency lapsed without additional funding in place. 

Lauren Bis, acting assistant secretary for Public Affairs at DHS, told the Epoch Times in an emailed statement that as of day 38 of the partial shutdown, American travelers are facing hours-long waits at airports across the country.

“More than 450 TSA officers quit and thousands have called out sick from work because they are not able to afford gas, childcare, food, or rent,” Bis said. 

“President [Donald] Trump is taking action to deploy hundreds of ICE officers, who are currently funded by Congress, to airports being adversely impacted. This will help bolster TSA efforts to keep our skies safe and minimize air travel disruptions.”

The department stated that callout rates for TSA agents remained elevated, reaching almost 11 percent on March 23, representing 3,200 officers absent from duty. The recorded high callout rate for the shutdown was nearly 12 percent the day before.

Major airports saw higher than average absences among agents, including 33.7 percent at John F. Kennedy International Airport, 30.4 percent at Baltimore/Washington International Airport, and 27.5 percent at Pittsburgh International Airport

LaGuardia Airport’s callout rate was 20.3 percent, 37.4 percent at Hartsfield-Jackson Atlanta International Airport, 34.9 percent at Louis Armstrong New Orleans International Airport, and 40.3 percent at William P. Hobby Airport in Houston.

Federal immigration agents were deployed to 14 U.S. airports starting on March 23.

Immigration and Customs Enforcement (ICE) agents went to the international airport in Atlanta, airports in New York City, and a dozen others to help TSA personnel as long lines formed due to a lack of agents. 

As part of the deployment, ICE agents have been sent to Chicago-O’Hare International Airport, Cleveland Hopkins International Airport, Hartsfield-Jackson Atlanta International Airport, Houston’s William P. Hobby Airport, John F. Kennedy International Airport (New York), LaGuardia Airport (New York), Louis Armstrong New Orleans International Airport, Luis Munoz Marin International Airport (San Juan, Puerto Rico), Newark Liberty International Airport, Philadelphia International Airport, Phoenix Sky Harbor International Airport, Pittsburgh International Airport, Southwest Florida International Airport (Fort Myers, Florida), and Houston’s George Bush Intercontinental Airport.

Senate Republicans are working on a plan to fully fund DHS, but that would exclude ICE enforcement and removal activities. The lawmakers say they would then look to fund the remainder of ICE through the reconciliation budget, which could be accomplished through a simple majority, rather than the 60 votes needed for the current funding plan.

Sen. Chris Coons (D-Del.) is cautiously optimistic but said the proposal needs to be in writing.

“I think the deal is possible, but we’re down to that point where, like lots of people are talking, but you’ve got to reduce it to writing, and you’ve got to actually trade paper,” he told reporters.

Coons said he won’t support a bill that doesn’t include reforms to ICE’s detention and deportation operations.

“Conversations are ongoing, but this deal seems to be acceptable,” a White House official told The Epoch Times on March 24.

Senate Majority Leader John Thune (R-S.D.) said, “All I can say is that the discussions have been very positive and productive, and hopefully headed in the right direction.”

Senate Minority Leader Chuck Schumer (D-N.Y.) offered a similar sentiment, telling reporters, “Both sides are working in a serious way.”

Jackson Richman and Nathan Worcester contributed to this report. 

The left-wing one-party rule in Baltimore City can barely govern its own imploding metro area. Parts of downtown are ghost towns; the resident exodus has been severe; taxes are through the roof; industry has left; and decades of progressive policies have helped transform large parts of the metro area into crime-ridden no-go zones. Yet somehow, city officials still found the time to weaponize local agencies and go after Elon Musk. 

Baltimore Mayor Brandon M. Scott and the City Council of Baltimore, represented by the Baltimore City Law Department and DiCello Levitt, filed a lawsuit in the Circuit Court for Baltimore City against Elon Musk’s xAI, claiming Grok users were able to create non-consensual sexual deepfakes, including images involving minors, and that the defendants violated Baltimore’s Consumer Protection Ordinance.

The core claim in the lawsuit is that Grok was marketed as a general-purpose AI chatbot with supposed safeguards, but in reality, it allegedly allowed users to “undress,” sexualize, and manipulate photos of real people, including children, with minimal prompting and without meaningful guardrails or age verification.

“Beginning in late 2025, x.AI expanded Grok’s image-generation and image-editing features, which ‘edit’ existing photographs, including images of private individuals and children, into photorealistic, sexually explicit, or otherwise degrading content. These features allow Grok, with minimal prompting, to ‘undress,’ sexualize, or otherwise manipulate images uploaded by or depicting third parties,” the lawsuit reads.

The lawsuit claims xAI knew the chatbot could be abused on a large scale. It cites allegations that millions of sexualized images were generated in a short period, including thousands that appeared to depict children, and argues users in the metro area were exposed either to the content itself or to the risk that their own images could be turned into deepfakes. 

“These deepfakes, especially those depicting minors, have traumatic, lifelong consequences for victims, who are left with no way to prevent the spread of disturbing, sexualized images created of them without their consent,” Mayor Scott wrote in a statement.

The only image in the lawsuit: 

DiCello Levitt Founding Partner Adam Levitt stated, “The City is setting a powerful example for municipalities nationwide in confronting a novel and rapidly advancing technology, and an emerging area of law, where accountability has not yet caught up with innovation.”

Baltimore is seeking civil penalties, injunctive relief, restitution, disgorgement, and a jury trial.

What’s odd is that Baltimore City officials weirdly found the time to hyperfocus on all things Elon Musk while ignoring all other chatbot companies. This lawsuit is merely a copy of how anti-free-speech Europeans went after Grok over nonconsensual deepfake images while failing to address other chatbots.

We wonder why Baltimore was chosen to target Musk. Let’s not forget this is political warfare from the high-ups of the Democratic Party.

Mayor Scott appears to have Soros connections. 

The Govenor of Maryland with Alex Soros … 

Perhaps the lawsuit from Baltimore is merely a shakedown of the world’s richest man. These local Democrats have badly mismanaged the city’s finances due to overspending and deficit woes. This mismanagement and failed progressive policies have sparked an exodus of residents, and since 2000, the metro area’s population has declined by 1% per year, according to the city’s own data.

This is political warfare. Shouldn’t Baltimore focus on rebuilding the Key Bridge or stopping the mass hemorrhaging of residents, or perhaps the power bill crisis?

*  *  * Grab a ZeroHedge Multitool. Solid in the hand.

Christmas is right around the corner… pic.twitter.com/TXc7STNYQW

— ZeroHedge Store (@ZeroHedgeStore) November 3, 2025

Authored by Jill McLaughlin via The Epoch Times,

A Black Lives Matter activist in Boston was ordered on March 23 to pay back more than $224,000 in pandemic relief funds and donations to her nonprofit.

Monica Cannon-Grant, 44, pleaded guilty last fall to multiple fraud charges and filing false tax returns. She was sentenced to serve six months of home confinement, 100 hours of community service, and four years of probation.

Federal District Court Judge Angel Kelly in Boston set the monetary judgment equal to the amount of money Cannon-Grant admitted taking from nonprofit Violence in Boston, which Cannon-Grant founded and where she formerly served as CEO.

In March 2023, a grand jury handed down a 27-count indictment against Cannon-Grant and her husband Clark Grant, charging them with fraud in connection to Violence in Boston, which they founded in 2017. Grant died in a motorcycle crash three weeks after the indictment was served while driving about 30 minutes east of Boston.

Federal prosecutors said Cannon-Grant paid herself about $25,100 in 2020 and more than $170,000 in 2021 from the nonprofit’s account, according to the charging documents.

About $181,037 of the total funds in question were donated to the organization and diverted for her personal use, $33,426 was obtained from pandemic unemployment assistance benefits, and $12,600 were from rental assistance funds, according to the judge.

In September, Cannon-Grant admitted to diverting thousands of dollars in donor money earmarked for the nonprofit for her own personal use, according to federal prosecutors.

In one instance, prosecutors say after receiving about $54,000 in pandemic relief funds from the city of Boston, Cannon-Grant withdrew about $30,000 in cash from the nonprofit’s account and made deposits of $5,200 and $1,000 into her personal checking account. She also made payments on her personal auto loan and car insurance policy.

Cannon-Grant also pleaded guilty to filing false tax returns for two years, among other tax charges.

“Monica Cannon-Grant repeatedly scammed multiple public financial programs and stole money donated by members of the public who believed their donations would aid in reducing violence and promote social awareness,” U.S. Attorney Leah Foley said in September in a statement. “She betrayed the trust of everyone who donated and the public who supported her fraudulent charity.”

Cannon-Grant’s attorneys asked the judge for a lighter sentence of two years of probation, no fine, and a special fee of $1,650. They described their client as a “loving mother, wife, and daughter who had dedicated her life to advancing social justice and serving communities in need.”

Black Lives Matter activists in Los Angeles on Dec. 30, 2020. John Fredricks/The Epoch Times

“She has inspired a generation of social activists to speak out against injustice and to support those around them who need a voice and access to daily essentials like food and housing,” her attorneys wrote in a sentencing memo to the judge.

“Ms. Cannon-Grant made fundamental errors in judgment. She is deeply sorry and has now taken full responsibility for her actions.”

Her attorneys also described Cannon-Grant’s home life as traumatic and violent. She grew up in deep poverty and subsidized housing, and lived on welfare and food stamps with a violent and alcoholic father, according to court documents.

Her attorneys didn’t immediately return a request for comment.

Summary

• Iranian FM says there are no talks with the US, wants a permanent end to the conflict; Tehran demands a permanent end to the war and compensation for destruction. Ghalibaf warns against island campaign.

• Central Command Says Nearly 300 US Military Troops Injured in Iran War

• 3,000 elite Army Airborne soldiers & Marines still en route after Trump said Monday says Iran has been destroyed “militarily”. 

• Iran is tightening control of Hormuz, demanding detailed ship data and in some cases large fees for passage.

• Iran continues to say it is ready for long war, monitors US troop movements: Parliament Speaker says “Do not test our resolve to defend our land.”

*  *  *

Tehran Issues Ominous Warning Against Potential Island Campaign

Iran has threatened to attack any country which assists in future possible US assault on strategic islands which lie off Iran, amid reports that President Trump could order American troops to force open the Strait of Hormuz. 

The parliament speaker, who is increasingly someone being looked to as de facto running the country at this point, has warned “all the vital infrastructure of that regional country [which assists] will, without restriction, become the target of relentless attacks. The WSJ has a quite interesting and unexpected bit of fresh reporting concerning Mohammad-Bagher Ghalibaf:

The U.S. and Israel have temporarily removed two senior Iranian officials from their list of officials to eliminate as they explore possible peace talks, U.S. officials said. Iranian parliamentary speaker Mohammad-Bagher Ghalibaf and Foreign Minister Abbas Araghchi have been removed from the target list for up to four or five days as President Trump opens the door to high-level negotiations for ending the war, the officials said. Mediators from Turkey, Pakistan and Egypt are pushing for U.S. and Iranian negotiators to meet in the next day to discuss pausing the war for peace talks, but officials said the odds of success are low as there are major gaps between U.S. and Iranian demands.

And more:

Iran FM: No Talks Happening with US, Which has ‘Failed’ in Goals

Amid constant speculation of which side’s narrative on ‘talks’ is more accurate, Iran’s Foreign Ministry sought to make clear “there are no talks with the US.” FM Abbas Araghchi declared that the US and Israel have “failed” in their “war goals including quick victory and change of regime. He further stated Tehran is seeking a permanent end to the war (so on its terms), and so clearly the earlier ’15 points’ won’t cut it from Iran’s perspective.

This ‘clarification’ has moved oil sharply up:

According to more from the breaking statement:

• Iranian Foreign Minister says there are no talks with the US; Iran is not seeking war, wants a permanent end to the conflict; Tehran demands a permanent end to the war and compensation for destruction
• US is sending messages through different mediators.
• Exchange of messages via Mediators “does not mean negotiation with the US”.
• Iran’s foreign minister says US has failed in its war goals including quick victory and change of regime; message to the neighboring countries, distance yourself from the US; No talks with the US
• Tehran showed the world that no country can threaten its security.

WSJ: Talks are Longshot But ‘Not Dead’

The US offered its reported 15 points, while Iran has countered with five, but has not issued them directly to Washington. WSJ says that Iran’s private stance may be more conciliatory and up for flexibility: “Iran is being less strident in private discussions to end the war than it is in public, Arab mediators and other people familiar with the matter said, giving them hope the diplomatic effort they are trying to spark isn’t dead on arrival,” it writes.

*  *  * Sleep well

“The odds of success remain low, with Iran and the U.S. staking out maximalist demands that are unacceptable to the other side, the mediators said,” continues WSJ. “But while Iranian state media said Tehran has rejected the U.S. proposal to end the war, it is still listening as mediators try to work out compromise language that would at least open the door for the two sides to meet in the next couple of days, the mediators said.” Stocks briefly responded positively to the headline.

More Threats to Impose Steep Economic Costs on West

More threats concerning Red Sea shipping: An Iranian military source has warned via Tasnim that “If the enemy wants to carry out an operation in the territory of the Iranian islands or anywhere else in our territory or through maritime movements to cause damage to Iran in the Persian Gulf and the Sea of Oman – we will open additional fronts for it as a surprise, so that its operation not only will not benefit it but will also cause it double expenses.”

The source emphasized, “The Bab al-Mandab Strait is considered one of the world’s most strategic straits, and Iran possesses both the will and the ability to generate a credible threat against it. Therefore, if the Americans want to think about a foolish solution to the Strait of Hormuz, they should beware of not adding trouble and embarrassments to themselves in another strait.”

Adding a final warning, the source declared, “Iran is fully prepared to escalate the situation. If the enemy has doubts and lacks the sense to learn from its experiences, it can try us again like in the case of the Abdullah and more.”

Bushehr Nuclear Power Plant Attacked Again Tuesday Night, Reports Confirm

Another highly dangerous escalation as Iran’s Bushehr Nuclear Power Plant has once again come under attack, Iran’s state media has said.

Citing the Atomic Energy Organization of Iran, PressTV now confirms a projectile struck the facility Tuesday evening (local), denouncing it as an act of ‘terrorism’ against the Islamic Republic’s civilian infrastructure. 

A prior attack on the plant occurred on March 5, raising significant concerns over issues like potential nuclear and radiation. Iran has reportedly been targeting Dimona in southern Israel.

Iran Issues Its 5 Conditions for Ending the War

Iran lays out five specific conditions under which Iran would agree to end the war, via PressTV. These include:

1. A complete halt to “aggression and assassinations” by the enemy.

2. The establishment of concrete mechanisms to ensure that the war is not reimposed on the Islamic Republic.

3. Guaranteed and clearly defined payment of war damages and reparations.

4. The conclusion of the war across all fronts and for all resistance groups involved throughout the region

5. International recognition and guarantees regarding Iran’s sovereign right to exercise authority over the Strait of Hormuz.

State media says that upon reviewing the 15 points from the US delivered via the Pakistanis, they must be rejected as they are “excessive”. Other Iranian officials have called it a “list of impossible wishes”. CNN is meanwhile reporting Wednesday that Trump admin officials are working to arrange a meeting in Pakistan this weekend to seek out an offramp to the war, according to senior officials, but the timing remains fluid. Which side is actually in the driver’s seat here?

Iran Rejects US Ceasefire Draft Deal: “Illogical”

Confusion reigns over diplomacy as Pakistan reportedly relays Washington’s ceasefire terms to Iran. “A document given to Pakistan by the Trump administration has been presented to the Iranians,” according to Al Jazeera. An alleged early draft can be viewed here.

Iran’s Fars citing informed source on ceasefire Wednesday: Iran Does Not Accept Ceasefire, Says US Talks Illogical: Fars. The statement says that talks are not viable in current conditions. Oil jumps on the headline:

Tehran has consistently been denying any negotiations outright, with Iran’s ambassador insists no direct or indirect talks are happening, even as “friendly countries” conduct consultations. Iran’s military also brushed off claims by President Trump, vowing to press on with the fight, and asserting that Washington is merely negotiating with itself, trying to will something into existence which isn’t yet reality.

Bloomberg has summarized where things stand: “Iran kept up missile and drone attacks on Israel and Arab Gulf states, even after the US floated a plan to end a war that’s wreaked havoc across the Middle East and in global markets.” The below are also key points:

• Iranian officials have told the countries trying to mediate peace talks with the U.S. that they have now been tricked twice by President Trump and “we don’t want to be fooled again,” according to a source with direct knowledge of those discussions. They worry Trump is buying time as he brings more military equipment to the Middle East. 
• Iran has received an American 15-point plan for a ceasefire for the Iran war through intermediaries from Pakistan, officials in Islamabad said Wednesday. The proposal was sent even as Washington began to move paratroopers to the Middle East to back up a contingent of Marines already heading to the region. 

Iran military spokesman: “Have your internal conflicts reached the point where you’re negotiating with yourselves?“

🔺NEW: Spokesman for Khatam al-Anbiya Central Headquarters addresses the U.S.:

🔹“Have your internal conflicts reached the point where you’re negotiating with yourselves?”

🔹“Don’t call your defeat an ‘agreement’. You will see neither your investments in the region nor previous… pic.twitter.com/PHackJjyjf

— Drop Site (@DropSiteNews) March 25, 2026

Trump’s “Very Big Present” & Hormuz Leverage

Trump, meanwhile, claims Iran offered a “present…worth a tremendous amount of money,” tied to energy flows through the Strait of Hormuz – but provided no details. At the same time, the US is ramping troop deployments even as it touts negotiations to end the conflict. He also claimed “we are… talking to the right people” in Iran, adding to the confusion and ambiguity.

On the ground, Iran is tightening control of Hormuz, demanding detailed ship data and in some cases fees for passage – especially for oil and gas tankers. Traffic has thinned, with non-compliant vessels turned away, raising pressure on Asian economies like India and drawing pushback from China.

Hundreds of vessels still remain paralyzed, after Iran adopted an “eye for an eye” policy to re-establish deterrence and impose sever costs on both America’s Gulf partners and the global economy. Here’s the latest on Iran’s statements and policy regarding passage:

Iran has said that “non-hostile” ships may transit the Strait of Hormuz amid a collapse of maritime traffic through the waterway that has prompted the biggest global energy crisis in decades.

In a statement on Tuesday, Iran’s mission to the United Nations said vessels may avail of “safe passage” through the waterway, “provided that they neither participate in nor support acts of aggression against Iran and fully comply with the declared safety and security regulations.”

Tit-for-Tat Hits On Key Infrastructure

US-Israeli strikes on Iran continue, while Iranian missiles trigger alarms across Israel. Gulf states are still feeling the pain, with Saudi Arabia and Bahrain intercepted incoming threats, while Kuwait reported a fire at its main airport after a fuel tank was hit, according to Bloomberg.

Israel says it has crossed the 15,000-munitions mark in strikes on Iran since late February – highlighting the scale of the conflict, now far exceeding prior rounds of fighting. On Wednesday, the Israel Defense Forces (IDF) said the air force has carried out multiple new waves of airstrikes over Tehran, targeting what it described as Iranian regime infrastructure.

This has apparently included Iran’s only submarine development facility, as part of a broader wave of attacks on weapons production sites around Isfahan. According to the IDF, the targeted underwater R&D center is the “only site in Iran responsible for the planning and development of submarines and auxiliary systems for the Iranian navy.” It added: “The regime produced various models of unmanned vessels at the site.”

Reports say Iran again targeted Israel’s largest power plant in Hadera (Orot Rabin):

BREAKING: Reports claim Iran again targeted Israel’s largest power plant in Hadera (Orot Rabin), but the missile landed several kilometers away. pic.twitter.com/bLmnQ5HFWy

— The Breaking Minutes (@BreakingMinutes) March 25, 2026

Israel is also escalating in Lebanon, bombing Beirut and pushing deeper into the south as it signals plans for a longer-term occupation zone.

Tehran ‘Closely Monitoring’ US Troop Deployments

Iranian officials are issuing stark warnings, most importantly with parliament speaker Mohammad-Bagher Ghalibaf having declared: “We are closely monitoring all US movements in the region, especially troop deployments. Do not test our resolve to defend our land.” He added, “What the generals have broke, the soldiers can’t fix; instead, they will fall victim to Netanyahu’s delusions.” 

Official casualty latest per Pentagon: 232 U.S. service members have been injured since the start of the conflict, a U.S. Central Command spokesperson has said. Of those, 207 have returned to duty and 10 are seriously wounded. At least 13 have been killed.

As for the US troops, it’s anything but clear at this point what comes next after they finally arrive in the region. There’s talk that Trump could order a Kharg Island takeover, which itself would be ultra high-risk, given how deep inside the narrow strait that the island lies. 

Meanwhile WSJ reviews of the above mentioned Ghalibaf: “Iran’s combative Parliament speaker, Mohammad-Bagher Ghalibaf, is emerging as an unlikely figure in Washington’s search for a deal to halt a widening Middle East war.”

We went from “no more wars” to Fox News showing where US troops are going to invade Iran. pic.twitter.com/MxftEv5954

— Nathan Hughes (@rallynate) March 24, 2026

“Ghalibaf, a former Islamic Revolutionary Guard Corps air-force commander and Tehran mayor, has denied any talks with the U.S. are under way,” the report continues. “He has taunted President Trump and Defense Secretary Pete Hegseth and called the U.S.-Israeli air war with Iran a quagmire. He served in the Revolutionary Guard during Iran’s brutal war with Iraq in the 1980s and is known as a hard-liner’s hard-liner.”

But, the report notes, “At the same time, he is credited with helping to modernize Tehran while he was mayor, becoming famous for riding his motorcycle around town and expanding major highways and the metro system in a traffic-clogged city. In 2008, he traveled to the World Economic Forum in Davos, Switzerland, portraying himself as a leader with a more business-friendly attitude than other parts of the regime.” Some analysts have said that Washington could eventually work with him. 

The two-year anniversary of the catastrophic collapse of the Francis Scott Key Bridge at the Port of Baltimore is on Thursday.

Gubernatorial candidate Ed Hale criticized Democrats in the one-party-ruled state for their inability to properly manage the reconstruction of the Key Bridge, which is critical to the port and local economy and regional supply chains across the Mid-Atlantic region. 

Hale described the Democrats as exhibiting a “failure of leadership” and cited “unacceptable delays” in rebuilding one of Maryland’s major freight networks, which links to broader regional supply chains.

“Two years. And what do the people of this community have to show for it?” Hale asked reporters earlier. 

He said, “As a Maryland developer, I know what it takes to move projects forward. These delays are unacceptable, and Maryland families and businesses are paying the price every single day.”

Two years later. Where is the bridge?

It’s now been 2 years since Key Bridge fell in Baltimore. This is how much is rebuilt: pic.twitter.com/Gnc7uslGjq

— End Wokeness (@EndWokeness) March 24, 2026

Meanwhile, Maryland Democrats in Annapolis have prioritized providing “appropriately sized tampons” for men’s bathrooms while advancing a failed left-wing agenda that has sparked a massive exodus of residents, as the state’s fiscal status deteriorates.

Maryland Delegate Kathy Szeliga (R) EMBARESSES Democrats who want to force “appropriately sized tampons” into men’s bathrooms.

Szeliga: “I’ve never heard of such a thing… what do you consider appropriate???”pic.twitter.com/jjasHIMtRE https://t.co/gsjXEzXVre

— Libs of TikTok (@libsoftiktok) March 24, 2026

Baltimore City is broken. Maryland is broken. This is the direct result of one-party-ruled, left-wing politicians who masquerade as competent managers but are, in fact, incompetent DEI activists.

*  *  *

The long-anticipated Trump-Xi meeting will take place in Beijing on May 14 and 15, the White House said Wednesday, after the bilateral summit was previously pushed back due to the Iran war.

This marks a roughly six week postponement compared to when it was earlier supposed to happen. President Trump indicated in a fresh social media post that US representatives are “finalizing preparations for these Historic Visits.” He added that “I look very much forward to spending time with President Xi in what will be, I am sure, a Monumental Event.”

Since the war kicked off on Feb.28, White House officials have offered an ever-evolving timeline for offramp and exit from the war, vowing the whole time that it’s not a “forever war” and “not like Iraq and Afghanistan” – to quote from Hegseth’s latest Pentagon briefings. 

The latest administration assessment is that it will last around five weeks, and prediction markets are adjusting for that… 

White House Press Secretary Karoline Leavitt was specifically asked Wednesday whether Trump’s China trip means Washington expects the war will be wound down by mid-May. She responded: 

“We’ve always estimated approximately four to six weeks, so you could do the math on that.”

Should the war not be over by then, Beijing is likely to see Trump as being in a weakened position for Washington-Beijing negotiations. By then the media might also start increasingly applying the word ‘quagmire’ to the whole ordeal – and Trump may start losing political support at home if there’s no wind down, even among Republicans.

At the moment things aren’t looking great, given on Wednesday Iran’s Foreign Ministry sought to make clear “there are no talks with the US.” It also declared that the US and Israel have “failed” in their “war goals including quick victory and change of regime.”

There also remains another lingering potential complication from China’s perspective:

Behind the scenes, however, there remains caution. The summit may still “not necessarily happen as planned,” with the possibility either China or the US decides to pull out of talks, according to two Chinese sources familiar with the matter, speaking under the condition of anonymity due to the sensitivities surrounding the meeting.

“If the war in Iran causes major casualties of Chinese citizens, or major damage of Chinese assets in the region, then Trump would not be able to come,” said a source, describing one of Beijing’s apparent red lines.

Beijing meanwhile earlier in the day Wednesday commented on the Pakistani offer to host US-Iran talks aimed at ending the war, with Chinese Foreign Ministry spokesman Lin Jian telling reporters in Beijing: “Ceasefire and peace talks are more important tasks at hand.” 

White House Press Secretary Karoline Leavitt:

Trump’s meeting with Xi in China will now take place in Beijing on May 14–15. pic.twitter.com/6kfu8xMCTp

— Open Source Intel (@Osint613) March 25, 2026

“China supports all efforts conducive to easing tensions, de-escalating the situation and restoring dialogue,” the statement added. On Iran’s continued control of the Strait of Hormuz, Lin said: “Maintaining peace and stability in the Middle East and keeping shipping routes safe serves the common interests of the international community.”

Goldman Now Anticipates Record Inflows For AGRI ETFs

Second- and third-order effects from a three-week – and potentially longer – disruption at the Strait of Hormuz are extending well beyond energy markets.

Even as some vessel transits resume through the narrow waterway, the shipping backlog continues to build across the Gulf region and could take weeks, if not longer, to clear.

At the same time, Qatar’s LNG export capacity may take years to fully recover after IRGC drone or missile strikes last week. Notably, natural gas is a key feedstock for nitrogen fertilizer production.

The broader implication is that a food price shock could materialize in the second half of this year as disruptions to energy, shipping, and fertilizer work their way through global supply chains.

Goldman analyst Jasmin Schneider said of this dynamic, “We anticipate that March 2026 will set a new record for agricultural ETF inflows over the next few sessions and overtake March 2022, during the Russian invasion of Ukraine, as the strongest grossing month.“

Schneider continued, “Consistent with the other major supply shock of the past six years, the Russian invasion of Ukraine in February 2022, Iran’s war has caused violent volatility spikes across oil and energy markets (chart 3).“

She also provided clients with some of the most popular agricultural ETFs to trade:

• AIGA LN: WisdomTree Agriculture. Broad agriculture basket exposure.

• AIGG LN: WisdomTree Grains. Grain basket exposure.

• WEAT LN: WisdomTree Wheat. Single-commodity wheat exposure.

Yesterday, we showed readers the movement in urea fertilizer prices relative to the FAO World Food Index. A spike is incoming.

The Bloomberg Agricultural Subindex has already sharply retraced the 2020-22 run to the 50% Fibonacci level, then spent nearly two years moving sideways.

That may suggest a reversal is forming as the energy shock morphs into a fertilizer supply crisis, which could later this year translate into lower crop yields, thus pushing food prices higher.

Goldman Warns About Incoming Food Price Spike 

The conversation grows louder by the day as disruption at the Hormuz chokepoint hits the global nitrogen fertilizer market and, in turn, is set to impact upcoming corn and grain harvests in some key growing regions.

Goldman commodity analysts Lina Thomas and Daan Struyven penned a note on Tuesday warning clients that chokepoint risks in the Strait of Hormuz may affect global agricultural prices.

“The Strait of Hormuz is a critical route in the global nitrogen fertilizer market, which accounts for 60% of global fertilizer use and is especially important for crops like corn and other grains,” Thomas and Struyven wrote in the note.

They warned that Hormuz disruptions not only constrain global fertilizer availability, but also that, with seaborne LNG flows from the region limited, any ability to boost fertilizer production elsewhere would be impacted.

“Given fertilizer accounts for ~20% of grain costs, the largest potential boost to grain prices is more likely to come from reduced grain supply. Fertilizer disruptions may reduce grain production both through yield losses from delayed or sub-optimal nitrogen application and potential acreage shifts toward less fertilizer-intensive crops,” the analysts said.

They noted that the US is viewed as “currently relatively insulated because the conflict began just ahead of the planting season,” adding that the most exposed areas include Europe, Australia, and the Southern Hemisphere, where crop calendars are later.

Even though US farmers may be relatively insulated, that does not mean US crop prices will remain low, as analysts expect global crop prices to rise.

Also on Tuesday, Russia suspended ammonium nitrate exports from March 21 through April 21 to secure domestic fertilizer supplies during the spring planting season. The report was released by Russia’s state-run news agency TASS, citing the Agriculture Ministry.

Last week, former central bank adviser Alexandra Prokopenko put a timeline on when the food price shock could appear in global markets, saying she believes it could emerge in six to nine months.

Latest on fertilizer and food supply chain amid Hormuz chokepoint:

• Russia Halts Ammonium Nitrate Exports As Global Fertilizer Crisis Set To Worsen

• Countdown Begins: Former Central Bank Advisor Warns Food-Price Shock Could Hit “Within 6 To 9 Months”

• Glitch Shuts Australia’s Biggest Maker Of Vital Fertilizer Input For 2 Months At Worst Possible Time

• Trump Admin Seeks Alternative Fertilizer Supplieshttps://www.zerohedge.com/commodities/trump-administration-seeks-alternative-fertilizer-supplies

Bloomberg macro strategist Simon White recently noted that the energy and fertilizer supply shock is “troublesome for second-round inflationary effects.”

Professional subscribers can read the full Goldman report here at our new Marketdesk.ai portal

News that SpaceX may file an initial public offering prospectus with the Securities and Exchange Commission this week or next sparked a rally across SpaceX-linked names, satellite broadband providers, space transportation firms, and even publicly traded closed-end funds that hold private SpaceX shares.

The Information reports that SpaceX is set to file an IPO prospectus with the SEC this week or next, with plans for shares to begin trading on U.S. exchanges sometime in June.

Wall Street advisers expect the offering to be the largest ever in the U.S., generating $75 billion for the space company leading the world’s rocket race and propelling the U.S. to the number one spot. The company’s final valuation and deal size would be set closer to the listing, but as of right now, the total market capitalization is north of $1 trillion.

Bankers are expected to pitch the SpaceX IPO to clients around three themes: its rocket-launch business, which has become a revenue driver; its rapidly expanding Starlink satellite internet business; and its prospects as a provider of orbital data centers. Hype around the stock will build as future Moon and Mars missions unfold.

🚨BREAKING: Goldman Sachs projected to lead SpaceX IPO. pic.twitter.com/Hg0y6zRok6

— Polymarket Money (@PolymarketMoney) March 25, 2026

Latest reports: 

• Data Centers In Space Are Coming: Here’s How To Profit

• SpaceX IPO Hype Ignites Blast Off For This Korean Broker Stock

• Goldman Turns Bullish On Starlink Satellite Parts Supplier As Space Race Accelerates

Morningstar released a note earlier this month forecasting that SpaceX will generate nearly $16 billion in revenue in 2025 and $7.5 billion in EBITDA, driven “almost entirely by explosive subscriber growth” from its Starlink satellite internet unit, which had 10 million active customers as of last month. The company forecasts revenue of $150 billion in 2040, with EBITDA of $95 billion.

In February, Elon Musk’s artificial intelligence firm, xAI, was acquired by SpaceX in an all-stock transaction, making the AI chatbot company a wholly owned subsidiary and pushing the rocket company’s valuation to $1.25 trillion.

In public markets on Wednesday, wireless spectrum firm EchoStar, which owns a 3% stake in SpaceX, jumped more than 10%. Space transportation company Rocket Lab and AST SpaceMobile both soared more than 11%. Other moves included Globalstar up 20% and Viasat up 4.5%.

Karman Holdings does not appear to have a clearly disclosed direct ownership stake in SpaceX, but shares are 4% higher in the session because it is a space-and-defense supplier.

A newly listed fund, Fundrise Innovation Fund (VCX), which holds private shares in SpaceX and Anthropic PBC, jumped 64% in the session. 

Tesla shares were up 2% on the session. 

Rocket garden at Starbase.

You can see this from the public highway. https://t.co/hvlSOHkLr0

— Elon Musk (@elonmusk) March 16, 2026

It seems that the meme stock trading crowd is finding out about the space theme.

China has made clear that it condemns the US-Israeli attack on Iran, saying the war should have never started, but is now signaling strong support to Pakistani-mediated efforts at finding peace.

Beijing has commented on the Pakistani offer to host US-Iran talks aimed at ending the war, with Chinese Foreign Ministry spokesman Lin Jian telling reporters in Beijing: “Ceasefire and peace talks are more important tasks at hand.” The statement comes amid fresh reports that Tehran has rejected an initial 15-point draft plan delivered by Islamabad. 

“China supports all efforts conducive to easing tensions, de-escalating the situation and restoring dialogue,” the statement added.

On Iran’s continued control of the Strait of Hormuz, Lin said: “Maintaining peace and stability in the Middle East and keeping shipping routes safe serves the common interests of the international community.”

Iran has said “non-hostile” vessels can still pass through the Strait of Hormuz – of course largely with its main crude buyer China in mind – even as traffic through the chokepoint collapses and fuels what’s shaping up to be the worst global energy shock in decades.

In a statement Tuesday delivered to the United Nations, Tehran said ships may use “safe passage” – but only if they “neither participate in nor support acts of aggression against Iran” and strictly adhere to its security rules, which has included reports of paying a $2 million passage fee.

Also on Tuesday, Chinese Special Envoy to the Middle East Zhai Jun said at a briefing after his ​shuttle-diplomacy trip that included recent stops in Saudi Arabia, the United Arab Emirates and Kuwait that the US-Israeli operation against Iran must immediately cease or else a “vicious cycle” toward destabilizing the region and disrupt global trade would persist.

“Should hostilities continue to escalate and the situation deteriorate further, the entire region will be plunged into chaos. The use of force will only lead to a vicious cycle… the war should not have begun in the first place,” Zhai declared.

It was only days ago that President Trump called on China and Japan to assist in getting the Hormuz Strait back open, but something which especially China has little incentive to do on a military front, as its instead content to watch the US get bogged down in a quagmire amid Tehran’s unexpected resilience under the bombs. China itself presumably also already had guarantees of safe passage directly from Tehran.

Iran’s foreign minister meanwhile held a phone call with China’s foreign minister on Tuesday, per Bloomberg: “Chinese Foreign Minister Wang Yi on Tuesday called on all parties in the Iran war to seize every opportunity and window for peace and start peace talks as soon as possible, Xinhua reports. Wang made the appeal in a phone conversation with Iranian Foreign Minister Seyed Abbas Araghchi.”

China Warns Escalation in Iran Conflict Could Spiral Into Chaos, Urges Ceasefire and Talks

Beijing’s Foreign Ministry cautions against further military escalation in the Middle East, calling for an end to hostilities and a return to diplomatic negotiations to prevent regional… pic.twitter.com/gMXwcaNjUj

— Washington Eye (@washington_EY) March 23, 2026

China has long been a powerful ally of Tehran providing with diplomatic cover, institutional support, military cooperation and an economic lifeline – especially as its major oil buyer; however, China is not expected to go further with any kind of direct military support.

There are claims that it could be, alongside Russia, providing some intelligence support though. If this is the case, there is not much Washington can do about it – also as the White House response to widespread reports of Russian intelligence-sharing has been met with some pretty mild and meager statements out of the White House.

Summary

• Iran Does Not Accept Ceasefire, Issues 5 Conditions, Says US Talks Illogical. The statement says that talks are not viable in current conditions, oil rising.

• 3,000 elite Army Airborne soldiers & Marines still en route after Trump said Monday says Iran has been destroyed “militarily”. 

• Iran is tightening control of Hormuz, demanding detailed ship data and in some cases large fees for passage.

• Iran continues to say it is ready for long war, monitors US troop movements: Parliament Speaker says “Do not test our resolve to defend our land.”

*  *  *

More Threats to Impose Steep Economic Costs on West

More threats concerning Red Sea shipping: An Iranian military source has warned via Tasnim that “If the enemy wants to carry out an operation in the territory of the Iranian islands or anywhere else in our territory or through maritime movements to cause damage to Iran in the Persian Gulf and the Sea of Oman – we will open additional fronts for it as a surprise, so that its operation not only will not benefit it but will also cause it double expenses.”

The source emphasized, “The Bab al-Mandab Strait is considered one of the world’s most strategic straits, and Iran possesses both the will and the ability to generate a credible threat against it. Therefore, if the Americans want to think about a foolish solution to the Strait of Hormuz, they should beware of not adding trouble and embarrassments to themselves in another strait.”

Adding a final warning, the source declared, “Iran is fully prepared to escalate the situation. If the enemy has doubts and lacks the sense to learn from its experiences, it can try us again like in the case of the Abdullah and more.”

Bushehr Nuclear Power Plant Attacked Again Tuesday Night, Reports Confirm

Another highly dangerous escalation as Iran’s Bushehr Nuclear Power Plant has once again come under attack, Iran’s state media has said.

Citing the Atomic Energy Organization of Iran, PressTV now confirms a projectile struck the facility Tuesday evening (local), denouncing it as an act of ‘terrorism’ against the Islamic Republic’s civilian infrastructure. 

A prior attack on the plant occurred on March 5, raising significant concerns over issues like potential nuclear and radiation. Iran has reportedly been targeting Dimona in southern Israel.

Iran Issues Its 5 Conditions for Ending the War

Iran lays out five specific conditions under which Iran would agree to end the war, via PressTV. These include:

1. A complete halt to “aggression and assassinations” by the enemy.

2. The establishment of concrete mechanisms to ensure that the war is not reimposed on the Islamic Republic.

3. Guaranteed and clearly defined payment of war damages and reparations.

4. The conclusion of the war across all fronts and for all resistance groups involved throughout the region

5. International recognition and guarantees regarding Iran’s sovereign right to exercise authority over the Strait of Hormuz.

State media says that upon reviewing the 15 points from the US delivered via the Pakistanis, they must be rejected as they are “excessive”. Other Iranian officials have called it a “list of impossible wishes”. CNN is meanwhile reporting Wednesday that Trump admin officials are working to arrange a meeting in Pakistan this weekend to seek out an offramp to the war, according to senior officials, but the timing remains fluid. Which side is actually in the driver’s seat here?

Iran Rejects US Ceasefire Draft Deal: “Illogical”

Confusion reigns over diplomacy as Pakistan reportedly relays Washington’s ceasefire terms to Iran. “A document given to Pakistan by the Trump administration has been presented to the Iranians,” according to Al Jazeera. An alleged early draft can be viewed here.

Iran’s Fars citing informed source on ceasefire Wednesday: Iran Does Not Accept Ceasefire, Says US Talks Illogical: Fars. The statement says that talks are not viable in current conditions. Oil jumps on the headline:

Tehran has consistently been denying any negotiations outright, with Iran’s ambassador insists no direct or indirect talks are happening, even as “friendly countries” conduct consultations. Iran’s military also brushed off claims by President Trump, vowing to press on with the fight, and asserting that Washington is merely negotiating with itself, trying to will something into existence which isn’t yet reality.

Bloomberg has summarized where things stand: “Iran kept up missile and drone attacks on Israel and Arab Gulf states, even after the US floated a plan to end a war that’s wreaked havoc across the Middle East and in global markets.” The below are also key points:

• Iranian officials have told the countries trying to mediate peace talks with the U.S. that they have now been tricked twice by President Trump and “we don’t want to be fooled again,” according to a source with direct knowledge of those discussions. They worry Trump is buying time as he brings more military equipment to the Middle East. 
• Iran has received an American 15-point plan for a ceasefire for the Iran war through intermediaries from Pakistan, officials in Islamabad said Wednesday. The proposal was sent even as Washington began to move paratroopers to the Middle East to back up a contingent of Marines already heading to the region. 

Iran military spokesman: “Have your internal conflicts reached the point where you’re negotiating with yourselves?“

🔺NEW: Spokesman for Khatam al-Anbiya Central Headquarters addresses the U.S.:

🔹“Have your internal conflicts reached the point where you’re negotiating with yourselves?”

🔹“Don’t call your defeat an ‘agreement’. You will see neither your investments in the region nor previous… pic.twitter.com/PHackJjyjf

— Drop Site (@DropSiteNews) March 25, 2026

Trump’s “Very Big Present” & Hormuz Leverage

Trump, meanwhile, claims Iran offered a “present…worth a tremendous amount of money,” tied to energy flows through the Strait of Hormuz – but provided no details. At the same time, the US is ramping troop deployments even as it touts negotiations to end the conflict. He also claimed “we are… talking to the right people” in Iran, adding to the confusion and ambiguity.

On the ground, Iran is tightening control of Hormuz, demanding detailed ship data and in some cases fees for passage – especially for oil and gas tankers. Traffic has thinned, with non-compliant vessels turned away, raising pressure on Asian economies like India and drawing pushback from China.

Hundreds of vessels still remain paralyzed, after Iran adopted an “eye for an eye” policy to re-establish deterrence and impose sever costs on both America’s Gulf partners and the global economy. Here’s the latest on Iran’s statements and policy regarding passage:

Iran has said that “non-hostile” ships may transit the Strait of Hormuz amid a collapse of maritime traffic through the waterway that has prompted the biggest global energy crisis in decades.

In a statement on Tuesday, Iran’s mission to the United Nations said vessels may avail of “safe passage” through the waterway, “provided that they neither participate in nor support acts of aggression against Iran and fully comply with the declared safety and security regulations.”

Tit-for-Tat Hits On Key Infrastructure

US-Israeli strikes on Iran continue, while Iranian missiles trigger alarms across Israel. Gulf states are still feeling the pain, with Saudi Arabia and Bahrain intercepted incoming threats, while Kuwait reported a fire at its main airport after a fuel tank was hit, according to Bloomberg.

Israel says it has crossed the 15,000-munitions mark in strikes on Iran since late February – highlighting the scale of the conflict, now far exceeding prior rounds of fighting. On Wednesday, the Israel Defense Forces (IDF) said the air force has carried out multiple new waves of airstrikes over Tehran, targeting what it described as Iranian regime infrastructure.

This has apparently included Iran’s only submarine development facility, as part of a broader wave of attacks on weapons production sites around Isfahan. According to the IDF, the targeted underwater R&D center is the “only site in Iran responsible for the planning and development of submarines and auxiliary systems for the Iranian navy.” It added: “The regime produced various models of unmanned vessels at the site.”

Reports say Iran again targeted Israel’s largest power plant in Hadera (Orot Rabin):

BREAKING: Reports claim Iran again targeted Israel’s largest power plant in Hadera (Orot Rabin), but the missile landed several kilometers away. pic.twitter.com/bLmnQ5HFWy

— The Breaking Minutes (@BreakingMinutes) March 25, 2026

Israel is also escalating in Lebanon, bombing Beirut and pushing deeper into the south as it signals plans for a longer-term occupation zone.

Tehran ‘Closely Monitoring’ US Troop Deployments

Iranian officials are issuing stark warnings, most importantly with parliament speaker Mohammad-Bagher Ghalibaf having declared: “We are closely monitoring all US movements in the region, especially troop deployments. Do not test our resolve to defend our land.” He added, “What the generals have broke, the soldiers can’t fix; instead, they will fall victim to Netanyahu’s delusions.” 

Official casualty latest per Pentagon: 232 U.S. service members have been injured since the start of the conflict, a U.S. Central Command spokesperson has said. Of those, 207 have returned to duty and 10 are seriously wounded. At least 13 have been killed.

As for the US troops, it’s anything but clear at this point what comes next after they finally arrive in the region. There’s talk that Trump could order a Kharg Island takeover, which itself would be ultra high-risk, given how deep inside the narrow strait that the island lies. 

Meanwhile WSJ reviews of the above mentioned Ghalibaf: “Iran’s combative Parliament speaker, Mohammad-Bagher Ghalibaf, is emerging as an unlikely figure in Washington’s search for a deal to halt a widening Middle East war.”

We went from “no more wars” to Fox News showing where US troops are going to invade Iran. pic.twitter.com/MxftEv5954

— Nathan Hughes (@rallynate) March 24, 2026

“Ghalibaf, a former Islamic Revolutionary Guard Corps air-force commander and Tehran mayor, has denied any talks with the U.S. are under way,” the report continues. “He has taunted President Trump and Defense Secretary Pete Hegseth and called the U.S.-Israeli air war with Iran a quagmire. He served in the Revolutionary Guard during Iran’s brutal war with Iraq in the 1980s and is known as a hard-liner’s hard-liner.”

But, the report notes, “At the same time, he is credited with helping to modernize Tehran while he was mayor, becoming famous for riding his motorcycle around town and expanding major highways and the metro system in a traffic-clogged city. In 2008, he traveled to the World Economic Forum in Davos, Switzerland, portraying himself as a leader with a more business-friendly attitude than other parts of the regime.” Some analysts have said that Washington could eventually work with him. 

*  *  * Spring is here. Got seeds?