U.S. President-elect Donald Trump sparked Sunday a sharp rebuke from Panama's president after threatening to reclaim control of the strategic Panama Canal.

Trump, in a post on his Truth Social network, claimed former president Jimmy Carter "foolishly gave it away, for One Dollar" after being built "at HUGE cost to the United States in lives and treasure."

He said Panama was charging the U.S. "exorbitant prices and rates of passage" and that granting Panama sovereignty over the canal was "not given for the benefit of others but merely as a token of cooperation with us and Panama."

"This complete 'rip-off' of our Country will immediately stop," the soon-to-be president wrote. If it doesn't, "then we will demand that the Panama Canal be returned to us, in full, and without question."

Panama's President Jose Raul Mulino immediately rejected Trump's statements – without naming the president-elect by name – in a video statement.

"Every square meter of the Panama Canal and its adjacent area belongs to Panama and will continue to do so," said Mulino. "The sovereignty and independence of our country are not negotiable."

The canal connects the Atlantic with the Pacific and is one of the world's most important trade routes. In the early 20th century, the U.S. carried out the construction of the major project and controlled the area for decades after that. Control was then gradually transferred to Panama.

The fees charged by Panama are considered standard market rates, as they are based on the size and tonnage of the passing ships. There are no provisions that – as Trump demands – grant the U.S. preferential treatment solely due to their historical role as builder.

"The fees are not arbitrary," emphasized Mulino. "They are set in a public manner and in a public hearing."

During his first term, Trump indeed once seriously courted the territory of another country. In the summer of 2019, he proposed to buy Greenland and annex it to the U.S.

The response from Denmark, to which the world's largest island is politically connected, was clear: No, thank you.