Which treaty gave the United States exclusive authority to build an isthmian canal?

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Panama Canal A passenger cruise ship travels through the Panama Canal.

The Hay–Pauncefote Treaty (1901) was the agreement between the United States and Great Britain that superseded the earlier Clayton–Bulwer Treaty and formally recognized the exclusive right of the United States to construct, regulate, and manage an isthmian canal.12

Following this, the Hay–Bunau-Varilla Treaty (1903) was the specific agreement between the United States and the newly independent Republic of Panama that granted the United States the exclusive right to build, occupy, and control the Canal Zone in perpetuity for the construction of the Panama Canal.324