On December 21, US President-elect Donald Trump claimed that the Panama Canal was an "important national asset of the United States" and that he would consider "taking back" the canal.

On social media, Trump stressed that the Panama Canal is vital to the U.S. economy and national security, greatly reducing sailing times to U.S. ports. He also claimed that the United States had paid a huge price in lives and treasure to build the Panama Canal, but that it had been "foolishly" handed over to Panama for management.

Trump said he would not let the Panama Canal fall into what he called "the wrong hands" and alluded to China's influence over the canal, despite the fact that it is managed by an independent Panamanian government agency, the Panama Canal Authority (ACP).

Six percent of the world's seaborne trade passes through the canal, while about 40 percent of U.S. container traffic uses the canal each year, and the United States is the largest user of the Panama Canal. More than 73 percent of all ships passing through the canal in 2021 are headed to or from U.S. ports.

In 1903, by supporting Panama's independence from Colombia, the United States signed the Panama Canal Treaty with Panama, giving it the right to build the canal and to "permanently use, occupy, and control" the canal and the Canal Zone. As time went on, the Panamanian people waged a long struggle to abolish the unequal treaties and reclaim the sovereignty of the Canal Zone. In 1977, the United States and Panama signed a new "Panama Canal Treaty" and "Treaty on the Permanent Neutrality and Operation of the Panama Canal", according to the treaty, from December 31, 1999, Panama will fully recover the management and defense rights of the canal, and all U.S. troops stationed in the canal zone will be withdrawn.

Trump has threatened to demand full control of the canal if certain principles are not followed. The canal played a key role in reducing transit times between the Pacific and Atlantic Oceans, thereby increasing the efficiency and competitiveness of U.S. trade.

According to the latest annual report published by the Panama Canal Authority, the Panama Canal's net income reached $3.453 billion in the 2024 fiscal year, an increase of about $300 million over 2023. Last year saw long queues of large ships waiting to enter the canal, affecting shipping schedules, as a drought in recent years affected the flow of ships, and the Panama Canal Authority was in a rush to open up waivers, with Japan's Eneos Group paying $3.975 million in an auction. Set an auction record of $4 million.

As the volume of water eased in later years, the number of ships that could pass through the Panama Canal gradually increased. Panama has managed the canal efficiently since it took over, even expanding it in 2016 to accommodate larger ships, doubling its capacity. Nonetheless, Trump's remarks underscore the enduring strategic value of the canal to U.S. interests, underscoring the need for vigilance to maintain the safety and reliability of this vital sea route.

Trump's demand to reclaim the canal could run into significant legal and diplomatic obstacles. There is no end date to the Neutrality Treaty, which requires the United States to respect the neutrality of the canal, and any forcible seizure of control would be seen as a violation of international law and damage U.S. relations with Latin America.