A major proposed deal involving dozens of international ports, including two key ones at the Panama Canal, has stalled. This could open the door for China to increase its influence over the important waterway. The situation comes after President Donald Trump previously spoke about reducing Chinese control over the canal and even suggested the U.S. should reclaim it.
The original agreement, worth $23 billion, was meant to transfer ownership of 43 ports across 23 countries to a group that included the U.S. investment firm BlackRock. At the center of the deal were two Panamanian ports, Balboa and Cristobal, located at opposite ends of the Panama Canal. These ports have been run by Hong Kong’s CK Hutchison since 1997. The company is part of the business empire of Li Ka-shing, Hong Kong’s richest person.
