It has been almost 56 years since President Dwight D. Eisenhower’s State Department imposed the first trade embargo on Cuba on Oct. 19, 1960. The original embargo covered all U.S. exports to Cuba except for medicine and some foods. President John F. Kennedy expanded the embargo to cover U.S. imports from Cuba and made it permanent on Feb. 7, 1962. In the first year of Castro’s regime, U.S. trade with Cuba decreased by 20%. At that time Cuba bought 70% of its foreign goods from the U.S. The United States embargo against Cuba was a commercial, economic, and financial embargo imposed by the United States on Cuba. In March 2016 the Obama administration restored diplomatic ties with Cuba and lifted the embargo.
Begin a formal project by researching and identifying trade issues from lifting the embargo. Also, research and identify how American industry will benefit from these new trade relations. For this week, concentrate your efforts on researching what industries were impacted when the trade embargo was enacted in 1960. How did that impact affect the U.S. GDP and its economy? This formal project will be due in the last week of the course.
Overall Project Outline:
• review project requirements and concentrate your efforts on researching what industries were impacted when the trade embargo was enacted in 1960. How did that impact affect the U.S. GDP and its economy?
• concentrate your efforts on how the trade embargo affected the U.S. tourism industry.
• concentrate your efforts on the concept of government actions. What did this embargo cost the U.S taxpayers?
• concentrate your efforts on how U.S industries will be affected by lifting the embargo.
• concentrate your efforts on researching how lifting the embargo will impact the U.S. economy and GDP.