Before Fidel Castro came to power in , an enormous percentage of the Cuban economy was under the control of U. They also controlled a significant portion of its natural resources, including its sugar, cattle, tobacco, timber, oil, mining, and farm industries. The British company Imperial Tobacco has exclusive rights to distribute Cuban cigars worldwide, though they can't be sold in the U.
Cuba's new communist government nationalized all of these assets, claiming them in the name of the Cuban people. The US retaliated by slapping a trade embargo in place in hopes of toppling the Cuban government. After the passage of six decades that saw the collapse of the Soviet Union, the end of the Cold War, and the passing of the torch by Fidel Castro to his brother Raul, it is clear to all parties that the trade embargo did not achieve its purpose. Today, many argue that the embargo makes no real sense and that ending it will not only make U.
The Revolution may have freed the island from the dominance of U. Accordingly, the Castro government long ago entered into agreements with European-based multi-national firms to distribute Cuban products, including its famous cigars and rum.
British company Imperial Tobacco, which trades on the London stock exchange under the ticker IMT, has exclusive rights to distribute Cuban cigars worldwide except in the U. Habanos, as it is known in Cuba, controls its brand by entering into limited and carefully controlled distribution agreements in each country in which it does business.
If you light up a Cuban cigar anywhere in the world, a portion of the profits flows back to Imperial Tobacco. Bacardi produces a rum with the same name in Puerto Rico, using a recipe from the Arechabala family, for sale only in the U. So, the opportunity for distributing the most familiar Cuban products in the U. But that doesn't mean there aren't other opportunities, both in goods imported to the U.
There's still one big hurdle if you're a stickler for following rules set in the dim past. Reasonable estimates place the total value of U.
On the tourism front, Americans were already making their way to Cuba via Canada, Mexico, Europe, and other countries that have flights headed to Havana long before President Barack Obama lifted the travel embargo in To this day, there are exceptions to the ban for university groups, academic research, journalism, and professional meetings.
Travel to Cuba by performers and athletic competitors are okay, too. Family visits are permitted. Humanitarian visitors are allowed. With overwhelming backing from the international community, the resolution has been approved ever since when the General Assembly began to vote annually on the issue, with the sole exception of , due to the restrictions imposed by the COVID pandemic. He added that the embargo is about "an economic war of extraterritorial scope against a small country already affected in the recent period by the economic crisis derived from the pandemic".
The diplomat said that the sanctions have made it harder for his country to acquire the medical equipment needed to develop COVID vaccines as well as equipment for food production. The embargo prevents most American companies from doing business with Cuba and vice versa. Although the embargo creates disincentives for other countries and companies to trade with Cuba, it does not compel them to cut economic ties with the island nation.
Many countries, as well as some American companies, do business in Cuba. Thank you for supporting our journalism. You can subscribe to our print edition, ad-free app or electronic newspaper replica here. Facebook Twitter Email. Fact check: US embargo doesn't prevent Cuba from trading with other countries. Show Caption. Hide Caption. Miami rally supports protests in Cuba. Miami's Little Havana neighborhood is the scene of another rally by people showing their support for anti-government demonstrations in Cuba.
The administration should be thoughtful about how it rethinks the embargo policy. It need not eliminate the policy all at once, nor should it relent on pressuring Cuba when it comes to democracy or human rights. But being thoughtful should not be an excuse for inaction.
For example, rather than dismissing the idea of renewing remittances to Cuba, Biden should seriously explore ways to allow Americans to securely transfer money to their Cuban relatives. Relaxing the embargo will be a risky political move for the president.
Biden lost Florida in the election after underperforming among Latino voters, and a radical change in policy towards Cuba could risk alienating parts of the Cuban American population in the state. Republicans will no doubt accuse the president of being soft on communism or caving in to progressive demands.
But if Biden truly wants to put principles, and effectiveness, ahead of politics, he should make a bold choice and end six decades of US failure and Cuban suffering.
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