China is reportedly pushing for its state-owned ocean carrier Cosco to get a controlling stake in the proposed $22.8 billion sale involving two disputed ports at the Panama Canal. 

U.S. investment company BlackRock and Swiss container shipping operator MSC had initially reached an agreement in March to purchase the two ports that flank the entrances to the Panama Canal, following pressure from President Donald Trump to transfer ownership of the shipping hubs away from Hong Kong-owned operator CK Hutchison. According to The Wall Street Journal, China is now threatening to block the deal if Cosco isn't awarded a majority stake in the sale, upping its previous demand for an equal stake.

Early in 2025, Trump repeatedly threatened to have the U.S. retake control of the Panama Canal, citing claims that China's influence over the CK Hutchison-owned ports posed a national security risk. Months of negotiations between the Trump administration and canal officials eventually led to the announced sale of the ports to a group led by BlackRock, although CK Hutchison said in August that the deal isn't likely to be finalized until 2026 at the earliest.

With China now pushing for a controlling stake, the deal appears to have reached an impasse. On December 15, the White House stated that "Chinese control of the Panama Canal is unacceptable," while a senior Chinese official told the Wall Street Journal that Beijing plans to make control of the canal's ports a negotiating point in upcoming trade talks between the two countries.