Panama’s president has responded to President-elect Trump’s idea that his new administration might try to regain control of the Panama Canal.

After Trump said Sunday that the United States had “stupidly given him away” and was now being “cheated” on the waterway, Panama’s conservative President José Raúl Mulino released a video declaring that “every square meter of the canal is Panama belongs and will continue to exist.” belong to his country.

Without mentioning Trump by name, Mulino addressed Trump’s complaints about rising fees for ships crossing the canal, saying they were set by experts who considered operating costs and supply and demand factors.

“Tariffs are not set on a whim,” Mulino said. He noted that Panama has expanded the canal over the years “on its own initiative” to increase shipping traffic, adding that increases in shipping fees help fund improvements.

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President-elect Donald Trump speaks at AmericaFest on Sunday, Dec. 22, 2024, in Phoenix. (AP Photo/Rick Scuteri)

“Panamarians may have different views on many issues,” Mulino said. “But when it comes to our canal and our sovereignty, we will all unite under our Panamanian flag.”

Trump then responded on his social media page: “We’ll see!” He also posted a picture of a US flag displayed in the canal area with the phrase “Welcome to the United States Canal!”

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A cargo ship transits the Agua Clara Locks of the Panama Canal in Colon, Panama, September 2, 2024. (AP Photo/Matias Delacroix, File)

Trump had previously addressed the channel in a Saturday Truth Social post, complaining at length about the fees charged to transiting US ships the big ditch. Tolls for the Panama Canal can range from three to six figures, depending on how large a ship is and how much cargo it is carrying. The largest ships charge up to $500,000.

The gates of the Panama Canal lock open. (Danuta Hamlin)

The United States built the canal in the early 20th century as it looked for ways to ease the transit of merchant and military vessels between its coasts. Washington ceded control of the waterway to Panama on December 31, 1999, under a treaty signed by President Jimmy Carter in 1977.

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The canal relies on reservoirs to operate its locks and was hit hard by the 2023 Central American drought, which forced it to significantly reduce the number of daily slots for ships to transit. With fewer ships traveling through the canal each day, officials also increased the fees charged to all shippers for reserving a slot.

As the weather returns to normal in the later months of this year, transit on the canal has returned to normal, but price increases are still expected next year.

Andrea Margolis of Fox News and the Associated Press contributed to this report.