Trump's Anti-Obama Cuba Policy May Prove Setback for U.S. Businesses
Trump's Anti-Obama Cuba Policy May Prove Setback for U.S. Businesses
"Any change in regulations in Cuba policy takes time...there are currently many different business sectors exploring options to expand their footprint in Cuba, and others have signed deals," explained AS/COA's Alana Tummino.
American businesses that have ventured into Cuba since former President Barack Obama moved to normalize relations with the country more than two years ago may see some of their progress thwarted by President Donald Trump's revision of Obama's policy.
Trump announced in Miami on Friday plans to tighten restrictions on American travel to Cuba and clamp down on U.S. business dealings with the Cuban military and intelligence security services. He has instructed the Treasury and Commerce Departments to begin writing new regulations on Cuba in a maneuver to reverse the efforts Obama took in late 2014 to ease the more than 50-year embargo against the island.
"There are currently many different business sectors exploring options to expand their footprint in Cuba, and others have signed deals," said Alana Tummino, senior director of policy and head of the Cuba Working Group at the Americas Society and Council of the Americas (AS/COA)….
… "Any change in regulations in Cuba policy takes time. We saw with the previous administration the very deliberate work they did to communicate and learn from U.S. companies to understand the kinds of obstacles they faced from a U.S. regulatory perspective and bringing their services to the island," said Tummino. "We'll see if these regulatory agencies take the same approach…."
