Hong Kong's edge as a financial hub will erode further as the city becomes embroiled in China-U.S. tensions, with the flash sale of a Hong Kong-owned global ports business highlighting geopolitical volatility,

Panama President José Raúl Mulino has accused U.S. President Donald Trump of lying when Trump said in his address to Congress the night before that his administration was “reclaiming” the Panama Canal.

BlackRock, America’s largest asset manager which handles over $11 trillion in assets, has agreed to purchase two ports on either end of the Panama Canal. BlackRock is buying the ports from Hong Kong-based CK Hutchison in a deal worth about $22.8 billion.