Often a political punching bag for MAGA Republicans, asset manager BlackRock may have bought some conservative credibility along with its purchase of two critical ports on both sides of the Panama Canal.

Donald Trump promised on Day 1 to seize the Panama Canal. “We’re taking it back,” the US president declared in his inaugural address. Within weeks, Wall Street billionaire Larry Fink was on the line with the White House.

The agreement will give a BlackRock consortium a majority stake in two terminal ports. Trump has said he wants the trade route under US control.