Trump floats idea of US reclaiming Panama Canal: 'Foolishly gave it away'

President-elect Trump unleashed a tirade against Panama Canal tolls Saturday, claiming the U.S. is being ripped off by high prices.

In a Truth Social post Saturday, Trump complained at length about the fees levied on U.S. ships going through the Big Ditch. The Panama Canal's tolls can range from three to six figures depending on how large a vessel is and how much cargo it carries, with the largest ships being charged as much as $500,000.

"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 wrote in his post. "A secure Panama Canal is crucial for U.S. Commerce, and rapid deployment of the Navy, from the Atlantic to the Pacific, and drastically cuts shipping times to U.S. ports."

The incoming president criticized former President Carter, who Trump said "foolishly gave it away, for One Dollar." In 1977, Carter signed the Panama Canal Treaty, which phased out U.S. control of the canal by 1999.

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Carter also signed the Neutrality Treaty, which ensured that the tolls would be equal for all nations. Trump implied that the U.S. should be given preferential treatment in his post.

"Our Navy and Commerce have been treated in a very unfair and injudicious way," the president-elect argued. "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."

Trump also floated the idea of demanding the canal's ownership be returned to the United States if American ships are not given fair treatment.

"[The Panama Canal] was not given for the benefit of others, but merely as a token of cooperation with us and Panama," Trump concluded. "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 us, in full, and without question.

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"To the Officials of Panama, please be guided accordingly!"

Trump also noted the canal was built at a massive cost to the United States, though he incorrectly claimed that 38,000 Americans died while building it. The National Institutes for Health estimates the number of people who died while working during the American construction of the canal was around 5,600. 

It is unclear how many of those who died were American because a large part of the labor force was recruited from the Caribbean. Trump may have included the roughly 22,000 workers who died while the French attempted to build the canal in the 1880s.

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The Department of Government Efficiency's X account recently claimed the Panama Canal cost U.S. taxpayers $15.7 billion. The U.S. government does not subsidize the canal. Ships that pass through it pay tolls.