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United Rentals, Inc. (NYSE:URI) Stock Holdings Lifted by JPMorgan Chase & Co.In late December, Donald Trump suggested the United States should retake control of the Panama Canal in his second term. He claims Panama is imposing “ridiculous” fees on ships passing through this vital waterway connecting the Atlantic and Pacific Oceans. The Panama Canal is a man-made waterway that cuts through central Panama for 51 miles, using a system of locks and reservoirs to connect the Atlantic and Pacific Oceans. This route saves ships from traveling an extra 7,000 miles around South America’s Cape Horn. “The Panama Canal is considered a VITAL National Asset for the United States, due to its critical role to America’s Economy and National Security,” Trump said on Truth Social on Dec. 21. “The fees being charged by Panama are ridiculous, especially knowing the extraordinary generosity that has been bestowed to Panama by the U.S. This complete ‘rip-off’ of our Country will immediately stop,” he added. Trump repeated these claims during a speech at Turning Point USA’s AmericaFest in Arizona on Dec. 22. “If the principles, both moral and legal, of this magnanimous gesture of giving are not followed, then we will demand that the Panama Canal be returned to the United States of America in full quickly and without question,” he said. Following Trump’s comments, Google search data shows there’s been a spike in searches of people asking which country — the U.S. or Panama — has authority over the Panama Canal. THE QUESTION Does the U.S. have any authority over the Panama Canal? THE SOURCES THE ANSWER No, the U.S. does not have any authority over the Panama Canal, but it used to. Sign up for the VERIFY Fast Facts daily Newsletter! WHAT WE FOUND The U.S. does not have any authority over the Panama Canal. The waterway, which was built by the U.S. in the early 1900s, opened in 1914 and remained under U.S. government control until treaties signed in 1977 by President Jimmy Carter set terms for its eventual transfer to Panama. The two countries jointly operated the canal until December 1999, after which Panama assumed full control. On Dec. 22, in response to Trump’s comments, Panamanian President José Raúl Mulino posted a video on X declaring that “every square meter of the canal belongs to Panama and will continue to belong” to his country. Without mentioning Trump by name, Mulino addressed the president-elect’s complaints over rising fees for ships crossing the canal, saying they are set by experts who take into account operational costs, and supply and demand factors. “The tariffs are not set on a whim,” Mulino said. He noted that Panama has expanded the canal over the years to increase ship traffic “on its own initiative,” and added that shipping fee increases help pay for improvements. “Panamanians may have different views on many issues, but when it comes to our canal, and our sovereignty, we will all unite under our Panamanian flag,” Mulino said. A little over an hour later, Trump responded to Mulino’s remarks on Truth Social, saying: “We’ll see about that!” He also posted a picture of a U.S. flag planted in the canal zone under the phrase, “Welcome to the United States Canal!” The Panama Canal’s history An effort to establish a canal through Panama began with the French in 1880, but financial troubles made the initiative fail after nearly nine years of little progress, according to the Embassy of Panama in the United States . Malaria, yellow fever and other tropical diseases devastated a workforce that was already struggling with especially dangerous terrain and harsh working conditions in the jungle. These conditions eventually cost more than 20,000 lives by some estimates, the U.S. Department of State’s Office of the Historian says on its website . At this time, Panama was a province of Colombia, which refused to ratify a subsequent 1901 treaty licensing U.S. interests to build the Panama Canal. President Theodore Roosevelt responded to Colombia’s refusal by dispatching U.S. warships to Panama’s Atlantic and Pacific coasts. The U.S. also pre-wrote a constitution that would be ready after Panamanian independence, which gave American forces “the right to intervene in any part of Panama, to re-establish public peace and constitutional order.” In part because Colombian troops were unable to traverse harsh jungles, Panama declared an effectively bloodless independence within hours on Nov. 3, 1903. The newly-declared Republic of Panama soon signed the Hay-Bunau-Varilla Treaty of 1903 , which provided the U.S. with a 10-mile wide strip of land for the canal, a one-time $10 million payment to Panama, and an annual annuity of $250,000. The U.S. also agreed to guarantee the independence of Panama, according to the Office of the Historian. After more than a decade of construction, the U.S. finished building the canal on Aug. 15, 1914. Almost immediately, some Panamanians began questioning the validity of U.S. control of the canal, which led to what became known in the country as the “generational struggle” to take it over. The U.S. annulled its right to intervene in Panama in the 1930s. By the 1970s, with its administrative costs sharply increasing, the U.S. government spent years negotiating with Panama to cede control of the waterway. The Carter administration worked with the government of Omar Torrijos, and the two sides eventually decided that their best chance for ratification was to submit two treaties to the U.S. Senate , the “Permanent Neutrality Treaty” and the “Panama Canal Treaty.” The first, which continues in perpetuity, gives the U.S. the right to act to ensure the canal remains open and secure. The second stated that the U.S. would turn over the canal to Panama on Dec. 31, 1999. Both were signed in 1977 and ratified the following year. “At noon on December 31, 1999, Panama took over full operation, administration and maintenance of the Canal, in compliance with the Torrijos-Carter Treaties negotiated with the United States in 1977,” said the Embassy of Panama. “The waterway is now managed by the Panama Canal Authority, an autonomous government entity.” Jorge Luis Quijano, who served as the Panama Canal’s administrator from 2014 to 2019, says the neutrality treaty does give the U.S. the right to act if the canal’s operation is threatened due to military conflict — but not to reassert control. “There’s no clause of any kind in the neutrality agreement that allows for the taking back of the canal,” Quijano told the Associated Press. “Legally, there’s no way, under normal circumstances, to recover territory that was used previously.” Benjamin Gedan, director of the Latin America Program at the Woodrow Wilson International Center for Scholars in Washington, D.C., agrees. “There’s very little wiggle room, absent a second U.S. invasion of Panama, to retake control of the Panama Canal in practical terms,” Gedan said. The Associated Press contributed to this report . The VERIFY team works to separate fact from fiction so that you can understand what is true and false. Please consider subscribing to our daily newsletter , text alerts and our YouTube channel . You can also follow us on Snapchat , Instagram , Facebook and TikTok . Learn More » Follow Us Want something VERIFIED? Text: 202-410-8808
Penn State is heading into the new calendar year in impressive fashion, but one final challenge awaits as the Nittany Lions square off against Penn on Sunday afternoon in University Park, Pa. The Nittany Lions (10-2) have enjoyed a strong season to this point, highlighted by a win over then-No. 8 Purdue earlier this month. Most recently, the team topped Drexel 75-64 last weekend as Yanic Konan Niederhauser scored 18 points and Ace Baldwin Jr. chipped in 15 points and six assists. Penn State outrebounded Drexel 40-31 and grabbed 19 offensive boards, including six by Puff Johnson and three by Konan Niederhauser. "Offensive rebounds are extra possessions," Nittany Lions coach Mike Rhoades said. "That gets us to where we want to go to. Number of possessions, it's a better chance to win all the time." Konan Niederhauser has shot at least 50 percent from the floor in every game except one this season and enters Sunday's clash averaging 13.0 points, which is second-best on the squad. Baldwin comes in with 14.2 points to go along with 8.5 assists, which ranks among the top marks in the nation. That duo, in addition to Penn State's bevy of 3-point shooters, should give Penn plenty to handle defensively. The Quakers (4-8) have allowed at least 80 points five times this season, including in Sunday's 85-53 trouncing at the hands of George Mason. Offense was another major issue in that game, as Penn shot just 32.2 percent from the floor and committed 15 turnovers. "We played 3 1/2 games of really good defense over the last three weeks and the defense was poor in the second half (against George Mason)," Penn coach Steve Donahue said. "On the defensive end, making sure late in the clock we don't let our guard down, keep guys in front, and limit them to one shot ... when we do those things -- those simple things -- we're a good basketball team." Penn and Penn State have met six times previously, but not since 2017. The Nittany Lions lead the all-time series 4-2. --Field Level Media
The international community, however, has largely rejected Israel's annexation of the Golan Heights. The United Nations considers the territory as occupied Syrian land and has repeatedly called for its return to Syrian control. The dispute over the Golan Heights remains a sticking point in efforts to achieve a lasting peace in the Middle East, with implications for regional stability and security.. SJB MP Dr. Harsha de Silva Samagi Jana Balawegaya MP Dr. Harsha de Silva has welcomed the recent upgrade of Sri Lanka’s credit rating by leading global agencies, Moody’s and Fitch Ratings, calling it a significant milestone for the nation’s economic recovery. Speaking at a press conference held yesterday, Dr. de Silva remarked, “The credit rating improvement is not only good news for the Government but also for the entire economy, including private sector investors who were severely impacted by the debt crisis.” He highlighted how the downgrade of Sri Lanka’s credit rating had discouraged foreign investment, citing the example of India’s Adani Group, which raised concerns about credit risks during negotiations for electricity projects. Despite the positive development, Dr. de Silva cautioned that Sri Lanka is still not in a position to access international financial markets for borrowing. He attributed the credit rating upgrade to the initiatives undertaken by the previous Government, including key legislation and economic stabilisation efforts, rather than new policies introduced by the current administration. “The agreement reached prior to the Presidential Election has remained unchanged and has directly contributed to this credit rating improvement,” he stated. He also criticised the National People’s Power (NPP) Party for making unfulfilled promises, such as proposing an alternative debt sustainability analysis during its election campaign. “False promises by the NPP misled the people, but continuing with the previously established economic reforms has proven beneficial for the country,” he asserted. Dr. de Silva noted Sri Lanka’s recent exit from default status after it was declared a defaulter on 12 April 2022, following its announcement of an inability to repay external debt. While he acknowledged this as a step forward, he explained that the country remains unable to re-enter the international financial market or issue sovereign bonds. He estimated that it would take until at least 2027 for Sri Lanka to regain active participation in global financial markets, provided the Government adheres to its reform agenda. Discussing the nation’s economic progress, Dr. de Silva pointed to a 5.5% growth in the third quarter of 2024 and emphasised the importance of continuing reforms to maintain upward momentum in credit ratings. “The stock market has shown signs of improvement, but investor confidence has been undermined by misleading statements from the NPP Government. Continuity of President Ranil Wickremesinghe’s economic program has been the foundation for stabilising the economy,” he added. He also stressed the need for disciplined economic management to secure a substantial loan from the International Monetary Fund (IMF) in 2027. While acknowledging the significant challenges ahead, Dr. de Silva expressed optimism that Sri Lanka’s standing in the global financial community could improve if reforms are sustained. Reflecting on the pre-election promises of the NPP, Dr. de Silva criticised their claim that the debt sustainability analysis could be altered, arguing that such changes would have jeopardised the country’s credit rating improvements. Instead, he emphasised that the steady continuation of the existing economic framework has been instrumental in fostering the nation’s recovery.
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