Another America First achievement has been notched by President Trump just weeks after he publicly floated the idea of taking back control of the Panama Canal by force.
In a major “victory” for the Republican, nearly all ports along the North American waterway are now under American control, according to media reports citing their sale to BlackRock, an American investment management company.
The sale was undertaken by CK Hutchison Holdings Ltd., a Hong Kong-based conglomerate, which sold control of a unit that operates the ports.
The sale occurred just weeks after President Trump’s declaration that the U.S. should control the Panama Canal because it essentially invested every dollar in its creation. Before the canal was constructed in 1904, cargo ships were forced to navigate thousands of miles around Cape Horn in South America in order to travel between the Pacific and Atlantic oceans.
BlackRock, in a partnership with Global Infrastructure Partners and Terminal Investment Ltd., will hold an 80% stake in Hutchison Ports group, which operates 43 ports in 23 countries. Part of the deal includes selling control of 90% of Panama Ports Co., which operates two canal ports in Balboa and Cristobal.
In return, CK Hutchinson will receive $19 billion, according to Bloomberg.
President Trump’s victory was overshadowed on Tuesday by the implementation of his long-promised tariffs on imports from Mexico and Canada. Hours after they went into effect, the Republican wrote in an all-caps warning on Truth Social that companies would be better off manufacturing their goods stateside.
“If companies move to the United States, there are no tariffs!!!” he exclaimed.
Although CK Hutchison is a publicly traded company, China’s influence over Hong Kong has grown in recent years, and it is plausible that the communist government pressured executives to complete the sale to curry favor with Trump. On Tuesday, Trump doubled a tariff on Chinese imports to 20%, causing China to retaliate with its own tariffs on U.S.-made goods.
Larry Fink, BlackRock’s CEO, is also personally close to President Trump and even managed his vast wealth in the past, according to the NY Post. He was on the shortlist for consideration to be Treasury secretary but ultimately withdrew from consideration. It’s believed Fink still has Trump’s ear when it comes to the U.S. economy, and his purchasing of the Panama Canal ports is the most direct path to gaining the president’s attention at a frenetic time.
Other corporate victories secured by Trump in recent weeks include commitments by Apple and a consortium led by Softbank to invest $600 billion over the next several years in training American workers to partake in the artificial intelligence boom.
On Monday, Honda announced that it would begin producing its next-generation Civics in Indiana, reneging on a previous plan to rely on a facility in Guadalajara, Mexico.
Outrageous! Is there any limit to what this man can accomplish? He amazes…because we’re not used to a President that does what he promises! Trump identifies the need, and then makes it happen. He’s the RIGHT TORNADO!