Wall Street Wizardry
  • Business
  • World News
  • Politics
  • Investing
  • Business
  • World News
  • Politics
  • Investing

Wall Street Wizardry

World News

Panama president says he won’t renew Belt and Road deal with China, as US demands less Chinese influence over canal

by admin February 3, 2025
February 3, 2025
Panama president says he won’t renew Belt and Road deal with China, as US demands less Chinese influence over canal

Panama’s president reiterated on Sunday that Panama’s sovereignty over the Panama Canal is not up for debate, saying that during talks with US Secretary of State Marco Rubio that he had addressed the United States’ concerns over China’s presence around the vital waterway.

President Raúl Mulino added however that Panama would not renew a 2017 memorandum of understanding to join China’s overseas development initiative, known as the Belt and Road, and suggested that the deal with China could end early.

Panama will seek to work with the US on new investments, including infrastructure projects, he said. “I think this visit opens the door to build new relations … and try to increase as much as possible US investments in Panama,” Mulino told reporters on Sunday after Rubio’s first foreign trip as the United States’ top diplomat.

Mulino’s comments were followed by a US State Department readout of the meeting, which said Rubio told Panama’s president and Foreign Minister Javier Martínez-Acha that concerns over China’s “control” of the Panama Canal may mean the US has to “take measures necessary to protect its rights” per a longstanding treaty on the neutrality and operation of the canal.

Under the 1977 treaty, the US returned the canal to Panama’s control with the understanding that the waterway remain neutral. According to the agreement, the US could intervene militarily if the canal’s operations were disrupted by internal conflict or a foreign power. Today, more cargo than ever runs through the canal than it did during the years of US control.

US President Donald Trump’s repeated and publicly stated desire for the US to retake control of the key waterway has already caused a diplomatic stir, with Mulino repeatedly stating that that Panama’s sovereignty over the canal is not up for debate.

Mulino said Sunday he doesn’t think there is a real risk that the US would use military force to retake the canal.

‘Panama won’t invest a single dollar in it’

Mulino also said Panamanian authorities are carrying out an audit on a company linked to China that operates two terminals around the canal.

“We have to wait until that audit ends before we can reach our legal conclusions and act accordingly,” Mulino said.

The company in question is the Panama Ports Company, part of a subsidiary of the Hong Kong-based conglomerate CK Hutchison Holdings. Hutchinson Ports is one of the world’s largest port operators, overseeing 53 ports in 24 countries, including for other US allies such as the UK, Australia and Canada.

Mulino also said Panamanian authorities spoke with Rubio about the possibility of expanding a migrant repatriation flight program to remove foreign nationals who don’t have the legal basis to be in Panama, insisting that the US would have to shoulder the costs.

Asked to clarify if migrants would come to Panama and subsequently be transferred to their respective countries, Mulio said, “Yes. Exactly … We can do that, without a problem, under the total cost of the US. Panama won’t invest a single dollar in it.”

The program, signed in July, is aimed at reducing irregular migration through the Darien Gap, a mountainous rainforest region connecting South and Central America. The 66-mile (106-kilometer) hike through the Darien brings migrants from Colombia to Panama and is a crucial passage for those hoping to reach the United States and Canada.

Mulino said Sunday that those repatriated could include migrants from Venezuela, Colombia, Ecuador and other countries.

This post appeared first on cnn.com

previous post
Netanyahu blows past ceasefire talks deadline to confer with Trump
next post
Ontario to remove U.S. alcohol from shelves after Trump’s tariffs announcement

Related Posts

These dragon’s blood trees exist in only one...

May 19, 2025

Israel’s Shin Bet says October 7 attack could...

March 5, 2025

Toxic cloud forces 160,000 Spaniards to stay inside...

May 10, 2025

Chaotic scenes at Gaza hostage release bring condemnation...

January 31, 2025

American fighters are dying in Ukraine in growing...

January 30, 2025

Rubio and Bukele to discuss sending suspected gang...

February 1, 2025

Israeli strike kills three in Beirut in test...

April 1, 2025

Hamas and Israel trade blame over deal violations....

January 26, 2025

Before and after: Satellite images show the destruction...

March 30, 2025

Dalai Lama says his successor will be born...

March 11, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Editors’ Picks

    • 1

      Financial Agreement signed releasing $2M grant

      January 23, 2025
    • 2

      Netflix shares soar as company reports surging revenue, tops 300 million subscribers

      January 23, 2025
    • 3

      US security contractor will take charge of key checkpoint in Gaza as Israeli forces withdraw

      January 25, 2025
    • 4

      Trump re-designates Iranian-backed Houthis as terrorists: ‘Threaten[s] security of American civilians’

      January 23, 2025
    • 5

      Cyclopharm Signs US Agreement with HCA Healthcare for Technegas®

      January 23, 2025
    • 6

      FDA officially authorizes Zyn nicotine pouches for sale following health review

      January 23, 2025
    • 7

      Universal’s ‘Wicked: For Good’ creates a unique marketing challenge

      January 26, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: wallstreetwizardry.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 wallstreetwizardry.com | All Rights Reserved