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U.S. Transferred Control of Panama Canal to Panama for Free in 1999 Under Carter's Treaty; Cost $375 Million

Dec 23, 2024, 06:24 PM

The United States completed the construction of the Panama Canal in 1914 and maintained control over it for nearly a century. In 1977, under President Jimmy Carter, the Torrijos-Carter Treaties were signed, establishing a timeline for the transfer of control to Panama. This transfer was finalized on December 31, 1999, during President Bill Clinton's administration. The canal is a crucial waterway for global trade, facilitating a significant portion of maritime commerce. The construction of the canal cost the U.S. approximately $375 million at the time, which is equivalent to about $15.2 billion in 2023. Despite some claims, the canal was not sold but was handed over as part of a treaty agreement.