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| President Teddy Roosevelt sitting in a steam shovel at the Panama Canal in 1906. |
After a failed attempt to build a waterway across Central America 25 years earlier, construction officially begins on the Panama Canal. The previous effort by a French company had been abandoned after 20,000 workers died and the business went bankrupt. The U.S. then gained jurisdiction over a 10-mile-wide strip of land across Panama on which to create the canal. Construction began on “Acquisition Day,” but it wasn’t complete until 1914.
The Panama Canal is a vital waterway connecting the Atlantic and Pacific Oceans, significantly reducing maritime travel time and costs. It plays a crucial role in global trade, facilitating the transport of goods like oil, food, and industrial materials, and contributes substantially to Panama's economy through tolls and fees.
Economic Significance
Trade Facilitation: The canal allows ships to avoid the lengthy and hazardous route around Cape Horn, reducing travel time and costs.
Global Trade Volume: Approximately 5% of world trade passes through the canal annually, handling around $270 billion in cargo each year.
Key Commodities: Major goods transported include oil, food, and industrial materials, making it essential for international commerce.
Strategic Importance
Geopolitical Role: The canal enhances the United States' ability to control maritime routes, linking its Atlantic and Pacific interests.
National Security: It serves as a strategic asset for the U.S., ensuring efficient military and commercial transport.
President Trump recently boldly rescued the Panama Canal from the strategic clutches of China. This move, along with many other recent moves that the President has made will go down in History as a significant turning point limiting the rise of Communist China.
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