In blunt warning, the US says Peru could lose its sovereignty to China [Yahoo! Finance Canada]
COSCO SHP HLDG UNSP/ADR (CICOY)
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Source: Yahoo! Finance Canada
The $1.3 billion deepwater port in Chancay , north of Peru's capital of Lima, has become a symbol of China's foothold in Latin America and a lightning rod for tensions with Washington. The U.S. State Department's Bureau of Western Hemisphere Affairs said on social media that it was “concerned about latest reports that Peru could be powerless to oversee Chancay, one of its largest ports, which is under the jurisdiction of predatory Chinese owners." It added: “We support Peru's sovereign right to oversee critical infrastructure in its own territory. Let this be a cautionary tale for the region and the world: cheap Chinese money costs sovereignty.” The concern comes as the Trump administration seeks to assert dominance over the Western Hemisphere, where China has long built influence through massive loans and high trade volumes. Chancay, along the Pacific coast, is part of Beijing's Belt and Road initiative, an infrastructure program that has seen Chinese state-owned banks offer
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