China's state-owned shipping company COSCO suspended its services at a Panama Canal port that has been involved in a geopolitical dispute over the past year over its previous operation by a Hong Kong-based company, Bloomberg reported on March 11.

COSCO's decision came after China warned of a "heavy price" following Panama's Supreme Court ruling on Jan. 30 to annul the contracts a subsidiary of Hong Kong-based CK Hutchison had to operate two ports on both sides of the canal. The ruling led to a forced takeover and the transfer of operations to European container shipping companies, whose executives China's Ministry of Transport summoned on March 9. In February, Beijing also requested that its shipping companies assess rerouting cargo through ports outside Panama and suspend negotiations on new projects in the country. Since taking office, U.S. President Donald Trump has complained about Chinese operations near the waterway, claiming the canal was being operated by China and threatening to "take back" the infrastructure.