US taking back Panama Canal, didn't give it to China: Trump

Washington: Claiming that China is "operating" the Panama Canal, President Donald Trump in his inaugural address on Monday said that "we're taking it back" as the US has been treated "unfairly".

After being sworn in as the 47th US President at the US Capitol in Washington, DC, he said: "The United States, I mean, think of this, spent more money than ever spent on a project before and lost 38 lives in the building of the Panama Canal. We have been treated very badly from this foolish gift that should never been made, and Panama's promise to us has been broken. "

Notably, after winning the US presidential elections last November, Trump has threatened to take control of the Canal accusing Panama of charging excessive rates on US ships passing through one of the busiest waterways in the world.

Ridiculous fees

"Our Navy and Commerce have been treated in a very unfair and injudicious way. The fees being charged by Panama are ridiculous," Trump posted on his Truth Social platform in November.

$375 million to build canal by 1914

The US largely built the canal. Completed in 1914, it cost $375 million then, or about $10 trillion in 2024 money (given a 3.16% average annual inflation rate, it means $100 in 1914 is equivalent to $3,154.93 today).

The US administrated the territory surrounding the passage for decades, but Washington fully handed it over the Panama in 1999.

But Washington fully handed control of the canal to Panama in 1999 after a period of joint administration.

Connecting Atlantic to Pacific

At his inaugural address on Monday, Trump also hinted at China's growing influence around the canal, which connects the Atlantic to the Pacific oceans.

Further, he also said that he will change the name of the Gulf of Mexico to the Gulf of America.

"America will reclaim its rightful place as the greatest, most powerful, most respected nation on Earth — inspiring the awe and admiration of the entire world," Trump said.

"A short time from now, we are going to be changing the name of the Gulf of Mexico to the Gulf of America."

Donald Trump was sworn in as the 47th president of the United States during the 60th Presidential Inauguration at the US Capitol in Washington, DC. US Chief Justice John Roberts administered the oath to Trump.