ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tariff
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Embargo
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Quota
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Standard
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Subsidy
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Detailed explanation-1: -As a result, the United States established an embargo on Cuba in October 1960 and broke diplomatic relations the following January. Tensions between the two governments peaked during the April 1961 “Bay of Pigs” invasion and the October 1962 missile crisis.
Detailed explanation-2: -Cuba and the USSR had signed a trade agreement by which the USSR had extended $100 million in trade credits. 2 The two countries had also agreed to collaborate in the UN and would probably resume diplomatic relations soon.
Detailed explanation-3: -In 2021, of the $2.9 million in U.S. imports from Cuba, the sole commodity sector was Art, Collectors’ Pieces, and Antiques.
Detailed explanation-4: -U.S. diplomatic representation in Cuba is handled by the United States Embassy in Havana, and there is a similar Cuban Embassy in Washington, D.C. The United States, however, continues to maintain its commercial, economic, and financial embargo, making it illegal for U.S. corporations to do business with Cuba.