In a US$23 billion deal, the Hong Kong conglomerate CK Hutchison Holdings will sell all shares in Panama Canal ports to a U.S. consortium including BlackRock.

China’s presence in Panama has expanded rapidly, sparking fears in Washington. But Panama has already started shifting its allegiances and announced the transfer of major container ports to a US-led consortium.

The Panama Canal's water levels have been dwindling, and this shift will have significant economic consequences for the region. To combat the change, the Panama government approved the Rio Indio Reservoir Project.

President Donald Trump wants the U.S. to take back the Panama Canal. The shovels used to construct it were built by Bucyrus in South Milwaukee.

Construction on the project, which includes a dam, is slated to begin in 2027 and take four years to complete.