BlackRock has agreed to acquire two ports at the Panama Canal from CK Hutchison, addressing concerns over Chinese ownership highlighted by Donald Trump. The deal, worth $22.8 billion, also involves the acquisition of additional ports globally, yet Trump maintained demands regarding American vessel fees. The Panama Canal remains crucial for trade and the economy of Panama.
American asset management firm BlackRock has reached an agreement to purchase two significant ports, Balboa and Cristobal, located at the extremities of the Panama Canal. This acquisition is from the Hong Kong-based CK Hutchison Group, whose ownership has drawn the ire of former President Donald Trump. He has frequently expressed his intentions to “take back” the Panama Canal from Panama, which regained control in 1999 under a treaty negotiated two decades prior to that.
In conclusion, BlackRock’s acquisition of the ports at either end of the Panama Canal represents a significant financial maneuver amidst political tensions regarding foreign ownership of this critical trade artery. The deal may alleviate some of former President Trump’s concerns regarding Chinese influence, as the canal is vital for international shipping and has substantial economic importance for Panama.
Original Source: 6abc.com
