From December 2024 the U.S. president said China was operating the Panama Canal. The record shows the Panama Canal Authority has run it since December 31, 1999, while a Hong Kong company held concessions for two container terminals. The episode follows what happened when the waterway and the wharf were confused, centered on the February 2025 dispute over toll exemptions.
Whether U.S. warships transit free is unresolved: the U.S. described first and free passage, while the canal authority described a cost-neutral mechanism with compensation, and none has been located as implemented. The comptroller's reported loss figure of $1.2-1.3 billion rests on a report that is not public.



