ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Embargo has existed for over 40 years and nothing has changed.
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The Embargo encourages communism.
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The Embargo is supported by majority of the world.
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Cubans would take over the USA if it was lifted.
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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: -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.
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: -It began after the 1952 Cuban coup d’état which placed Fulgencio Batista as head of state and the failed mass strike in opposition that followed. After failing to contest Batista in court, Fidel Castro organized an armed attack on the Cuban military’s Moncada Barracks.