Panamanian President Mulino stated on Thursday that sovereignty over the Panama Canal belongs to Panama and there is no room for renegotiation. He also refused the possibility of reducing the tolls for American ships.
Mulino stated at a press conference on the same day that the economic compensation given by the United States to Panama for controlling the Panama Canal was minimal. It took generations of effort for Panamanians to successfully regain sovereignty over the Panama Canal, and President elect Trump's remarks about "reclaiming" the Panama Canal ignore historical facts.
Mulino believes that Trump's remarks are purely driven by "geopolitical fears". He pointed out that the Panama Canal is now independently managed by Panamanians and will not give control of the canal to the United States.
He stated that the United States is the largest customer of the Panama Canal, and in fiscal year 2024, 77% of the goods transported through this major shipping route either come from the United States or are in transit to US ports.
Mulino also reminded Trump that the Panama Canal is closely linked to the US economy, and ensuring its normal operation is crucial for US import and export trade.
He emphasized that the process for setting the Panama Canal toll standards is open and transparent, and there will be no separate price reductions for American ships. There is no discrimination against any ship, whether it comes from the United States or other countries. The canal belongs to the Panamanian people, and it is impossible to engage in any form of dialogue around this reality
Trump has repeatedly claimed that the canal is an "important national asset of the United States" and threatened to "reclaim" the Panama Canal. Mulino previously responded that the Panama Canal and its adjacent areas will always belong to Panama, and Panama's sovereignty and independence cannot be negotiated. Colombia, Chile, Mexico, Venezuela and other Latin American countries subsequently expressed their support for Panama to defend its sovereignty over the canal.
Trump's statement of reclaiming the canal has angered Panamanians, with some protesters gathering outside the US Embassy in Panama this week, shouting slogans such as "drive away the invaders" and burning the portrait of the incoming US president.
In addition, Mulino also mentioned at a press conference that First Quantum Minerals stopped production of Cobre, one of the world's largest copper mines, last year, which will not pose any environmental or safety risks to Panama for the time being.
Previously, the Supreme Court of Panama ruled that the Cobre operation contract renewed between the government and First Quantum Mining was unconstitutional, resulting in the closure of the $10 billion copper mine.
Mulino has ordered an environmental audit of Cobre to help determine if the mine can be temporarily reopened before it may be permanently closed. Cobre has had a significant impact on the Panamanian economy, contributing nearly 5% of GDP and 75% of exports.