President-elect Donald Trump has called for taking back the Panama Canal as it is a national security concern.

He made the speech at Turning Point USA’s “AmericaFest” where he warned of China’s growing influence with the government of Panama and the canal.

“Such a terrible thing is happening. The Panama Canal is considered a vital national asset for the United States of America due to its critical role in the American economy, the whole world economy, and also national security. The Panama Canal—has anyone ever heard of the Panama Canal? Because we’re being ripped off at the Panama Canal, just like we’re being ripped off everywhere else,” he  said before someone in the crowd shouted, “Take it back!”

“Ha, he just said, ‘Take it back.’ That’s a good idea. Where do you come from, sir? He doesn’t come from Panama. Yeah, good,” Trump responded.

“A secure Panama Canal is crucial for U.S. commerce and the rapid deployment of the Navy from the Atlantic all the way to the Pacific. It’s an incredible thing and drastically cuts shipping times to U.S. ports by days and even weeks. The United States is the number one user of the Panama Canal, with over 72% of all transits heading to or from U.S. ports. Think of that. So, we built it. We’re the ones that use it. They gave it away. Considered one of the world’s, really, one of the great wonders of the world, the Panama Canal opened for business 110 years ago and was built at huge cost to the United States,” he said.

“It’s really big when you consider the lives and the treasure—the equivalent of $1.2 trillion today. You don’t hear those numbers. Thirty-eight thousand American men, almost all men, went there to be construction workers and dig. They were diggers, and they were brave. Thirty-eight thousand men died from infected mosquitoes in the jungles of Panama during the construction period. Think of that. We lost 38,000 men,” Trump added..

“Teddy Roosevelt was President of the United States at the time of its building and understood the strength of naval power and trade. When President Jimmy Carter foolishly gave it away—gave it away for $1—$1 during his term in office, it was solely for Panama to manage, and not for China or any other country to manage. You see what’s going on there? China!” the president-elect said.

“It was likewise not given for Panama to charge the United States, its Navy, and its corporations doing business within our country exorbitant prices and rates of passage, which they do. They charge us like—it’s a disgrace. Our Navy and commerce have been treated in a very unfair and injudicious way. The fees being charged by Panama are ridiculous, highly unfair, especially knowing the extraordinary generosity that has been bestowed on Panama—I say very foolishly—by the United States. This complete rip-off of our country will immediately stop. It’s going to stop,” said Trump.

“The United States has a big and vested interest in the secure, efficient, and reliable operation of the Panama Canal, and that was always understood when they gave it to Panama. Can you believe that? We would never have done it if we thought what’s happening now could happen, and we would never—and we will never—ever let it fall into the wrong hands. But it’s falling into the wrong hands. It was not given for the benefit of others as a token of cooperation, but it was given to Panama and to the people of Panama,” Trump continued.

“But it has provisions—you’ve got to treat us fairly, and they haven’t treated us fairly. If the principles, both moral and legal, of this magnanimous gesture of giving are not followed, then we will demand that the Panama Canal be returned to the United States of America in full, quickly and without question. I’m not going to stand for it. So, to the officials of Panama: please be guided accordingly,” he said.