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Between 1954 and 1959, trade between Cuba and the U.S. was at a higher level than what it was in 2003, according to a BA dissertation submitted to the Teresa Lozano Long Institute of Latin American Studies, with 65% of Cuba's total exports sent to the U.S. while American imports totaled 74% percent of Cuba's international purchases.
For these reasons, Cuba has frequently focused on agricultural exports to promote foreign trade. [7] Cuba's independence from Spain after the Spanish–American War in 1898 and its formation of a republic in 1902 led to investments in the Cuban economy from the United States. The doubling of sugar consumption in the United States between 1903 ...
In 2000 the Clinton Administration opened cash and carry trade with Cuba but without credits being available, with the passage of Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA ...
Although relations have greatly improved since then, the United States still holds a trade embargo against Cuba, making it illegal for American companies to do business in Cuba. However, Barack Obama has called for an end to the embargo, saying that it failed to get Cuba to abandon one-party rule. Cuba has an embassy in Washington, D.C. [103]
President John F. Kennedy widened the embargo in 1962 to include all Cuban trade, including food and medicine. Kennedy later imposed travel restrictions to Cuba after the Cuban Missile Crisis in 1963.
Jose Daniel Ferrer, the leader of one of the largest banned anti-government groups in Cuba, was released two days after a surprise flurry of diplomatic activity involving the communist-run island ...
By 1952, U.S. companies were the largest foreign investors in Cuba, owning much of the land and resources. [10] The United States interest in Cuban land and resources continued to increase under Batista's rule, as 59% of exports went to, and 76% of the imports came from, the United States before 1959. [10]
After the opening of the island to world trade in 1818, trade agreements began to replace Spanish commercial connections. In 1820 Thomas Jefferson thought Cuba is "the most interesting addition which could ever be made to our system of States" and told Secretary of War John C. Calhoun that the United States "ought, at the first possible opportunity, to take Cuba."