Lawyers say U.S. businesses with investments in Cuba will be unfazed by policy changes put forward by President Donald Trump two weeks ago. But the attorneys raised concerns about the implementation of clear-cut regulations to guide companies’ operations on the island — and about the potential negative impact of Trump’s policies on Cuba’s economy.
Speaking in the symbolic Little Havana district of Miami on June 16, Donald Trump pledged to “cancel” the Obama administration’s “completely one-sided” deal with Cuba. Trump announced various new commercial and travel restrictions designed to prevent U.S. companies and individuals doing business with GAESA, the Cuban military conglomerate that controls numerous enterprises in the country. In restricting U.S. commercial relationships with GAESA, Trump hopes to reduce the flow of U.S. dollars to military and state-backed entities. …
Larry Pascal of Haynes and Boone LLP’s Dallas office says the measures undertaken towards Cuba by the Obama administration enhanced the Unites States’ standing in Latin America. “It cast us in a more sympathetic light, which made it easier for others in the region to cooperate with us in areas we previously couldn’t,” he says.
Reversing those measures marks a step back and stands in the way of Trump achieving some of his own objectives, adds Pascal. “Better relations with our Latin American neighbours could open new export markets, which is a priority that our current government has spoken about,” he said.
Excerpted from Latin Lawyer. To read the full article, click here.