ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Again on October 19, 1960, almost two years after the Cuban Revolution had led to the deposition of the Batista regime, the US placed an embargo on exports to Cuba except for food and medicine after Cuba nationalized the US-owned Cuban oil refineries without compensation.

Detailed explanation-3: -An embargo (from the Spanish embargo, meaning hindrance, obstruction, etc. in a general sense, a trading ban in trade terminology and literally “distraint” in juridic parlance) is the partial or complete prohibition of commerce and trade with a particular country/state or a group of countries.

Detailed explanation-4: -Cuba is highly dependent on imports to feed its population, with significant imports of many Cuban dietary staples (wheat, rice, corn, soybeans and related products, dry beans, meats, and dairy products).

Detailed explanation-5: -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.