After significant pressure was exerted by President Donald Trump, Chinese company CK Hutchison has agreed to sell its two ports on the Panama Canal to U.S. investment company BlackRock per a Tuesday announcement. This move comes after Trump's allegations of excessive Chinese influence over the strategic waterway and his threats to reclaim U.S. control.

The deal also encompasses an 80% stake in CK Hutchison's global port operations, spanning 43 ports across 23 countries. Trump's administration had expressed concerns over China's potential military use of the canal and its growing influence in Latin America, prompting demands for Panama to reduce Chinese presence.

The Panama Canal, managed by the Panama Canal Authority since its transfer from U.S. control in 1999, has become a focal point in Trump's efforts to counter China's global influence.