President Donald Trump declared on Tuesday that the United States “will be reclaiming” the Panama Canal, saying that America would once again control the critical shipping lane.
During his address to a joint session of Congress, Trump celebrated the news that financial asset manager BlackRock had reached a deal to purchase two major Panama Canal ports. Trump had previously pushed for America to take control of the canal, arguing that Panama was taking advantage of the United States.
“My administration will be reclaiming the Panama Canal, and we’ve already started doing it,” he said. “Just today, a large American company announced they are buying both ports around the Panama Canal.”
TRUMP: “The Panama Canal was built by Americans for Americans, not for others.” pic.twitter.com/2vHeVuagis
— Daily Wire (@realDailyWire) March 5, 2025
On Tuesday, BlackRock announced that it would take control of two ports from the Hong Kong-based CK Hutchison Holdings in a $23 billion deal that also includes 43 other ports around the world. The agreement will have to be approved by the government of Panama, which has made concessions to the Trump administration in recent weeks.
“The Panama Canal was built by Americans for Americans, not for others. But others could use it. But it was built at tremendous cost of American blood and treasure,” Trump said during his speech. “38,000 workers died building the Panama Canal. They died of malaria, they died of snake bites, and mosquitos, not a nice place to work. They paid them very highly to go there, knowing there was a 25% chance they would die.”
Trump ripped into the Carter administration for relinquishing control of the canal back in 1977.
“It was given away by the Carter administration for one dollar, but that agreement has been violated very severely,” Trump said. “We didn’t give it to China, we gave it to Panama, and we’re taking it back.”
Last month, Panama agreed to offer free passage to U.S. Navy vessels traveling through the canal after a meeting between Secretary of State Marco Rubio and Panamanian President José Raúl Mulino. Panama later announced it would not renew its participation in China’s Belt and Road Initiative.
