Hanging from a ladder attached to the hull of a giant, bobbing tanker, Capt. Efraín Hallax began his climb up to the crew awaiting him atop the Athinatesourojogo, a ship anchored in Panama Bay and third in line to transit the Panama Canal.

The daunting ascent up the shifting ship was nothing new for Captain Hallax, 73. He has been a ship’s pilot in the Panama Canal for over 40 years, responsible for guiding vessels through the trade-critical corridor that connects the Pacific Ocean with the Caribbean Sea.

On this night in February, Captain Hallax reported for work a half-hour before midnight — and just a few hours after President Trump had canceled a call with President José Raúl Mulino of Panama to continue their negotiations over the future of the canal, which the U.S. president wants returned to American control.

The overnight crossing was nothing out of the ordinary for the captain. With about 3 percent of the world’s maritime trade carried through its locks, the Panama Canal is a 24-hour operation.

“Business as usual,” said Captain Hallax. “Always business as usual in the Panama Canal, no matter Christmas, no matter rain,ijogo slots no matter fog, no matter nothing, no matter Trump.”

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“A few months ago, we were still in the space of American exceptionalism,” said Katharine Neiss, an economist at PGIM Fixed Income, an asset manager. There was the expectation that the resilience of the U.S. economy would lead to higher rates for longer, she said. “That was creating a lot of stresses and strains for the rest of the world,” she added.

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