Panama maintains that it has full control over the canal and that the Hong Kong-based group's operation of the ports did not amount to Chinese control over the waterway, and that

Panamanian President Jose Raul Mulino said on Wednesday morning that U.S. President Donald Trump was lying when he said that the North American leader's administration was "reclaiming" the Panama Canal.

The agreement will give a BlackRock consortium a majority stake in two terminal ports. Trump has said he wants the trade route under US control.

U.S. President Donald Trump has hailed a deal led by U.S. firm BlackRock to buy most of the $22.8 billion ports business of Hong Kong conglomerate CK Hutchison, including assets it holds along the Panama Canal.

More than 2,000 people could be displaced by the construction of the Río Indio dam. The Panama Canal Authority says the dam solves a long-term water shortage problem.

A Hong Kong-based company announced Tuesday that it would sell its stake in two ports on the Panama Canal to a U.S.-led consortium, apparently responding to threats from President

Nigerian billionaire's company, Global Infrastructure Partners (GIP) owned by Adebayo Ogunlesi, has bought the Panama Canal Ports for $23 billion.

The Panama Canal's water levels have been dwindling, and this shift will have significant economic consequences for the region. To combat the change, the Panama government approved the Rio Indio Reservoir Project. The plan could guarantee water supply to approximately 50% of the country's population but will also displace many Panamanians.

Fox Nation's "Showdown at the Panama Canal" explores the history of the vital strategic waterway and the current high-stakes battle to reclaim control.