What was meant to be a bold victory for President Trump’s foreign policy has instead turned into a global chess match — and China just declared checkmate.
Back in March, Trump allies were celebrating a $22.8 billion deal that looked like a masterstroke: BlackRock was set to acquire a major stake in the Panama Canal’s port operations from CK Hutchison Holdings, a company based in Hong Kong. For Trump, it wasn’t just a business deal — it was a geopolitical win meant to undercut Chinese leverage on one of the world’s most critical trade routes.
Trump had long warned about China’s grip on the Panama Canal, even threatening to “take back” control if Panama didn’t rein in Beijing’s growing influence. The BlackRock-led consortium’s plan to scoop up CK Hutchison’s 90% share of the Panama Ports Company — which runs the Balboa and Cristobal ports — looked like the perfect answer.
Secretary of State Marco Rubio had just returned from Panama after leaning on officials to curb Chinese ties. The timing couldn’t have been better for Trump’s narrative.
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