“BlackRock strikes $23 billion deal to place Panama Canal ports under American control”
The sale follows concerns raised by former President Trump and U.S. officials about Chinese influence over the canal. Senator Ted Cruz and Secretary of State Marco Rubio argued that Chinese control over these ports posed a national security risk. Following diplomatic pressure, Panama withdrew from China’s Belt and Road Initiative, further straining U.S.-China relations.
Trump hailed the sale as a victory for U.S. national security, claiming it reaffirms American control over the canal. The U.S. is the largest user of the Panama Canal, with China being the second-largest. The deal also follows an audit of a 25-year port extension previously granted to Hutchison, which some believed would lead to a rebid favoring a U.S. company.
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