China megaport paves way into Latin America as wary US looks on

Published On Nov 15, 2024, 5:38 PM

Peru has inaugurated a new $3.5 billion megaport, the Chancay port, built by China’s state-owned Cosco Shipping. This development is poised to strengthen China's influence in Latin America, creating new trade routes that may bypass North America. The port will facilitate faster shipping times and handle larger cargo volumes, allowing exports from countries like Brazil and Chile to reach Asian markets more efficiently. This situation raises concerns for the U.S. as China's presence grows in a region traditionally under American influence, potentially leading to geopolitical tensions.