ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to lower prices for American consumers
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to punish Cuba for its political alliances
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to protect domestic industries from competition
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to raise the wages of workers in the United States
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Detailed explanation-1: -The U.S. motive for imposing an embargo on Cuba was the widespread nationalization of U.S. industries and companies by Castro with Agrarian Reform Act. This embargo economically hindered Cuba and deprived American citizens of Cuban goods.
Detailed explanation-2: -After some rebel successes in Cuba’s second war of independence in 1897, U.S. President William McKinley offered to buy Cuba for $300 million. Rejection of the offer, and an explosion that sank the American battleship USS Maine in Havana harbor, led to the Spanish–American War.
Detailed explanation-3: -Foreign investment and trade Cuba’s primary import partner is Venezuela. The second-largest trade partner is Canada, with a 22% share of the Cuban export market.
Detailed explanation-4: -In February 1962, President John F. Kennedy proclaimed an embargo on trade between the United States and Cuba, in response to certain actions taken by the Cuban Government, and directed the Departments of Commerce and the Treasury to implement the embargo, which remains in place today.