The levies could hit virtually every ship calling at U.S. ports, foist up to $30 billion of annual costs on American consumers and double the cost of shipping U.S. exports,

The ports operate on both sides of the Panama Canal. The deal will also net the consortium Hutchison's 80-percent stake in 43 ports comprising 199 berths in 23 countries. Total enterprise value for the acquisitions is $22.

A consortium led by U.S. private equity firm BlackRock has agreed to purchase the Panama port terminals owned by CK Hutchison of Hong Kong.

Fox Nation's "Showdown at the Panama Canal" explores the history of the vital strategic waterway and the current high-stakes battle to reclaim control.

The global ocean shipping industry that handles 80% of world trade is navigating a sea of uncertainty as U.S. President Donald Trump stokes trade and geopolitical tensions with historical foes as well as neighbors and allies.