The United States president has threatened to reclaim control of the Panama Canal, asserting without providing any evidence that China is operating it.
A consortium headed by the US asset management firm BlackRock is set to acquire two crucial ports on the Panama Canal as part of a broader agreement with a Hong Kong-based conglomerate. Donald Trump hailed this development as a significant foreign policy triumph for his administration.
This move follows the US president’s previous threats to “take back” the canal, which the US had a hand in constructing. The claims are based on unverified allegations that China has excessive influence in the region.
In a deal valued at approximately $23 billion (€21.5bn), the BlackRock consortium will assume control of 43 ports in 23 countries, including Balboa and Cristóbal, located on either side of the Panama Canal.
The deal includes ports in countries like Australia, Egypt, the Netherlands, and Mexico. Interestingly, it does not involve any ports in China or Hong Kong.
Trump praised the transaction during a speech to Congress, declaring that his administration is reclaiming the Panama Canal and has already begun the process.
The US president’s allies have been vocal in recent months, criticizing China’s strong presence in Panama.
Without providing evidence, Republican Senator Ted Cruz suggested in January that the Panama ports operated by CK Hutchison Holding, a Hong Kong-based conglomerate founded by billionaire Li Ka-shing, serve as “ready observation posts” for China.
US Secretary of State Marco Rubio visited Panama in early February, cautioning the Panamanian President José Raúl Mulino about reducing Chinese influence over the canal.
Although Mulino dismissed the US claim about Beijing, his government subsequently announced withdrawal from China’s Belt and Road Initiative, which provides funding for major infrastructure projects overseas.
In a statement regarding the deal, Frank Sixt, the co-managing director of CK Hutchison, denied that the transaction was driven by political pressure. He emphasized that the sale was “the result of a rapid, discrete but competitive process” and received numerous bids and expressions of interest.
Sixt also stressed that the transaction is purely commercial in nature and has no connection to recent political news reports concerning the Panama Ports.
The BlackRock consortium includes the Swiss company Terminal Investment Limited.
Source: https://www.euronews.com/2025/03/05/hong-kong-firm-to-sell-panama-ports-to-us-led-group-amid-trump-threats
