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Reverting Cuba policy would cost millions to US economy

A turnabout of policies taken on Cuba by the Barack Obama administration (2009-2017) would cost $6.6 billion USD to the US economy, according to a coalition of business groups, economists and experts.


1 de junio de 2017 - Taken from Prensa Latina

A turnabout of policies taken on Cuba by the Barack Obama administration (2009-2017) would cost $6.6 billion USD to the US economy, according to a coalition of business groups, economists and experts.

Participants in this initiative published an in-depth analysis for the impact that such a decision could bring about, adding that 12,295 US jobs would be really affected during President Donald Trump's four-year term.

The coalition, headed by the Engage Cuba organization and which was also backed by the American Society of Travel Agents and the National Council of Foreign Trade, among others, issued the report before the current US Government prepares to reverse Obama´s measures.

The previous Obama administration's policies to lessen restrictions on US companies interested in making good deals with Cuba provided an economic breakthrough and job creation throughout the country, the coalition said.

According to the coalition, the US rural communities which are rather dependent on agricultural, manufacturing and maritime industries would be disproportionately affected if some regulations to travel and trade with Cuba are adopted.

At the same time, the analysis indicates that even though regulatory barriers have been in recent years eliminated for US companies and citizens interested in making deals with Cuba, the economic, commercial and financial blockade imposed by the United States is still in force.

Studies have proved that such a policy against Cuba costs American businesses and agricultural producers an estimated $ 5.9 billion USD a year in lost export earnings, according to the report.

The Engage Cuba Organization President, James Williams, stated that stepping back from the approach to Cuba contradicts Donald Trump's campaign promises to eliminate costly regulations and bureaucracy in US business.

Levying restrictions on visits to Cuba would force US people to leap more bureaucratic arcs to exercise their right to travel freely, he added.


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