The Panamanian Supreme Court¡¯s ruling on Thursday night invalidating Hong Kong-based CK Hutchison Holdings¡¯ contract to operate two key ports at either end of the Panama Canal caps a month marked by high-profile strategic defeats for Beijing in the region.
The U.S. commando operation in Caracas in early January that swiftly removed dictator Nicolas Maduro from power, for instance, was preceded by the start of tariffs of up to 50% on many Chinese exports to Mexico and followed last week by the cancellation of a Chinese consortium¡¯s major zinc project in Bolivia.
With the U.S. now effectively overseeing a protectorate in Venezuela, Beijing has watched an ideological ally ¡ª however unreliable and financially insolvent ¡ª slip into Washington¡¯s sphere of influence. The White House is already setting the terms for developing the country¡¯s vast oil reserves in ways that favor American companies, leaving China sidelined in a nation where until recently wielded considerable leverage.
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