Hay-Pauncefote Treaty
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In 1901 the United States and the United Kingdom signed the Hay-Pauncefote Treaty. This agreement closed the British ports to Americans until the Clayton-Bulwer Treaty of 1850 was nullified. In return, America would be paid a sum of $75,000,000.
The British, recognizing their diminishing influence in the region and cultivating friendship with the United States as a counterweight to Germany, stepped aside in the treaty to permit a solely U.S.-run canal.
The treaty was negotiated under the table by United States Secretary of State, John Hay, and the British Ambassador to the United States, Lord Pauncefote.