Attempts to Correct the US Embargo Against Cuba

Essay from the year 2018 in the subject Economics - Foreign Trade Theory, Trade Policy, grade: 1, , language: English, abstract: For half a century now, Cuba has been facing an economic, financial, and commercial embargo imposed by the United States. When Cuba nationalized foreign property and businesses (nationalization of American-owned oil refineries in Cuba) in the 1960s, the Unites States government imposed an economic sanction against Cuba by stopping sugar cane imports from the country. Moreover, the scope of the sanction has widened over the years comprising of economic, financial, and commercial sanctions. In 1960, the US came up with a policy to isolate the island nation through a number of economic and financial sanctions such as the trade embargo and financial transactions, freezing of Cuba government assets in the US, and prohibition of financial transactions with Cuba. International forums including the UN General Assembly and the International Community have continuously condemned the ongoing embargo against Cuba because it violates international law such as the human rights.The various US administrations have made attempts to correct the Cuba embargo, for instance the Clinton Administration (1998), to enhance direct flights to Cuba, streamlining of commercial sale of medicine, equipment, and medical supplies to Cuba and resumption of cash remittances by the US nationals in order to support their relatives in Cuba. In 1999, the Bush administration further implemented policies intended to help Cuba people. An example is the broadening of cash remittances to ensure that all the US residents can send cash to Cuba and loosening travel bans for a number of traveler categories such as sports activities, religious, and professional researchers.The Bush administration, on the other hand, also tightened the sanctions by isolating Cuba through a number of economic sanctions.