He also hinted at China's growing influence around the canal, a worrying trend for American interests as US businesses depend on the channel to move goods between the Atlantic and Pacific oceans.
"Our Navy and Commerce have been treated in a very unfair and injudicious way. The fees being charged by Panama are ridiculous," he said in a post on his Truth Social platform. "This complete rip-off of our Country will immediately stop."
The Panama Canal, which was completed by the United States in 1914, was returned to the Central American country under a 1977 deal signed by Democratic president Jimmy Carter. Panama took full control in 1999.
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