China called the new plan for American investment firm Blackrock to buy two ports in the Panama Canal from a Hong Kong-based company "spineless groveling" and "a betrayal." The nearly $23 billion deal was considered a way to assuage concerns from president trump that China is quote "running" the canal.

The Hong Kong conglomerate CK Hutchison’s planned sale of ports in Panama to a group led by BlackRock, the American finance giant, is under fire from Beijing.

China has sharply criticized a proposal to sell ports in the Panama Canal to American asset management giant BlackRock, attacking the deal as “spineless groveling” and a “betrayal” of the Chinese people.