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  1. The Panama Canal is one of Panama's government's major sources of income; in 2023 it accounted for 24%. If they lose the Canal, it may be a big loss for the locals and those seeking to relocate there for its tax haven status.
  2. In any case, it doesn't change anything but official US English. Anyone can call it what they want. You can't force the French to call La Manche "the English Channel", and I might just rename the Gulf of Mexico to "the Trump Gulf."