Bangladesh, Aug. 5 -- The Panama Canal – a narrow but vital waterway linking the Atlantic and Pacific Oceans – has long been more than just a trade route. It is a geopolitical fulcrum, a commercial artery essential to US economic and strategic interests, and a site of growing rivalry between the United States and China. A recent move by American investment giant BlackRock to acquire control over two key ports near the canal from Hong Kong-based CK Hutchison Holdings was initially hailed as a win for US national security. However, Chinas demand to insert a state-owned shipping titan, COSCO, into the deal threatens to derail these efforts and reflects the broader struggle over maritime influence and global power.

Roughly 70 per...