I honestly haven’t considered that one, definitely more likely to be followed, but I suspect Panama would likely sabotage it before letting it fall into US hands at this point.

Any sort of physical aggression would probably be unpopular with US citizens again because there’s no provocation from Panama, US ships use it all the time so there’s really no reason to take it by force. Once there are losses of military men and women in fighting over it it would likely quickly turn it into a deeply unpopular situation.

There are militarily strategic reasons to take Panama though, which is why the generals may still agree. If trump were to declare some sort of semi-war on China for example and the goal was to reduce Chinese global shipping capacity.