Panama's Leader Takes Up Feud With Trump Over Canal Control
Source: Bloomberg
December 22, 2024 at 4:53 PM EST
Updated on December 23, 2024 at 3:30 AM EST
Panamas president rebuffed Donald Trumps threat to reimpose US control over the Panama Canal, saying its shipping tolls arent inflated and that sovereignty over the waterway isnt negotiable. Every square meter of the Panama Canal and its adjacent zones is part of Panama, and it will continue to be, President José Raúl Mulino said Sunday in a video statement on X, the social platform.
Mulinos defense of Panamanian control over the key commercial waterway shows how Trump is already exerting global influence after he brought control over the canal into play over the weekend, decrying ridiculous transit fees for US vessels and alleged Chinese encroachment.
Trumps diplomatic hardball just less than a month before his inauguration represents a new front in his attempt to ratchet up pressure on trading partners. After Mulinos retort about continued Panamanian control, Trump said, Well see about that! on his Truth Social platform.
China doesnt control the canal, though a Chinese company a subsidiary of Hong Kong-based CK Hutchison Holdings Ltd. has two of the five ports adjacent to the canal, one on each side. Under Panamas constitution, the canal is managed by the Panama Canal Authority, with some of the tolls going into the national treasury. The authority said last week that it had deposited almost $2.5 billion in the last fiscal year.
Read more: https://www.bloomberg.com/news/articles/2024-12-22/panama-s-leader-takes-up-feud-with-trump-over-canal-s-control
No paywall (gift)
As a note, the canal had been impacted by a severe drought the past couple years - https://www.democraticunderground.com/10143181262
Historic NY
(38,043 posts)for the 110 yr old canal
Linda ladeewolf
(487 posts)Wants a cut. He figures threats will get it for him.
Ray Bruns
(4,726 posts)Every brain fart that imbecille has is going to be treated as an an actual issue.