China To Build Panama Canal in Nicaragua

I’ve always thought the United States should build an alternative to the Panama Canal.  It could start in the Gulf of Mexico and go right along the border with Mexico, thus it could serve two purposes.  China has decided to build their own bigger/better version of the Panama Canal in Nicaragua.  What does this mean for global trade and for the balance of world power?

http://www.guardian.co.uk/world/2013/jun/06/nicaragua-china-panama-canal