A consortium led by BlackRock struck a $22.8 billion deal with Hong Kong’s CK Hutchison Holdings to assume a majority stake in two key Panama Canal ports.

The Details: CK Hutchison Holdings controls the Balboa and Cristobal ports, which are located on each end of the Panama Canal and handled 40% of all cargo shipped through the canal last year. As part of the deal, BlackRock’s consortium will also receive 41 other ports in 22 other countries, including Mexico, Egypt, Australia, the Netherlands, and more.

For Context: About 40% of U.S. container ship traffic runs through the Panama Canal, which was finished being constructed by the U.S. in 1914 but later transferred to Panama by President Jimmy Carter. President Trump previously expressed a desire to control the canal and saying China was “operating” it and that American vessels were being “severely overcharged.” A New York Post (Lean Right bias) report from July 2024 claimed Trump was considering BlackRock CEO Larry Fink for Treasury Secretary.

Key Quotes: In an address to Congress, Trump said, “The Panama Canal was built by Americans for Americans, not for others… We didn't give it to China. We gave it to Panama and we’re taking it back.” CK Hutchison’s Frank Sixt said the transaction “is purely commercial in nature and wholly unrelated to recent political news reports concerning the Panama Ports.”

How The Media Covered It: Several outlets, like National Review (Lean Right), Newsweek (Center), and Bloomberg (Lean Left), wrote in headlines that the acquisition was a “win” for Trump. Outlets like The Wall Street Journal (Center), Reuters (Center), Financial Times (Center), and Semafor (Lean Left) wrote that it was the result of “pressure.”